HSBC Bank Middle East Limited on Thursday confirmed that it has transferred its place of incorporation and head office from Jersey to the Dubai International Financial Centre.
As a result of the transfer, HBME is now lead-regulated by the Dubai Financial Services Authority (DFSA), it said in a statement.
The transfer will attract assets valued at more than $40 billion on the balance sheet to DIFC.
It added that the relocation would have “no material impact on its business in the MENA region”.
David Eldon, chairman of HSBC Bank Middle East Limited, said: “HBME in the MENA region has been operating under a very effective regulatory regime administered by the Jersey Financial Services Commission for 12 years.
“As we look to the future, aligning our business and regulatory oversight geographically makes strong strategic sense. The DIFC and its independent regulator, the DFSA, combine to offer a world-class financial services centre.”
HSBC has operated certain businesses within the DIFC since 2006 and is now looking to developer a broader relationship, he added.
Essa Kazim, governor of the DIFC, said: “The relocation of HSBC’s regional management office to DIFC reinforces the attractiveness as well competitiveness of the UAE economy to international players in the banking and financial services sector.
“I am confident that through its presence at DIFC, HBME will play an important role in fostering closer ties among the financial communities in the MENA region.”
In January, HSBC Holdings said it will start building a new Middle East headquarters near the world’s tallest tower in Dubai as the lender aims to combine staff from three other locations in the city.
HSBC, which first opened in Dubai in 1946, will start moving some of its 4,000 workers to the 20-storey building in 2018. The bank has staff spread across four locations including a building in Bur Dubai and offices in Emaar Square and Lufthansa building.
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