HSBC in the Middle East
Origins
During 1959, HSBC acquired The British Bank of the Middle East. Founded in London in 1889, it established banking in the region and for decades it was the only bank dedicated to supporting the area.
Diversification
The 1940's saw a time of great transformation; the decline and closure of operations in Iran (in 1952) and growth into the Arabian peninsula and the Levant.
The Bank lead the way for banking in the states (now referred to as the GCC), opening branches in Kuwait (1942), Bahrain (1944), Dubai (1946), Muscat (1948), Saudi Arabia (Jeddah and Alkhobar 1950).
Similarly, branches were opened in the cities of the 'fertile crescent' – Beirut (1946), Damascus (1947), Tripoli (1948), Amman (1949) and Aleppo (1951).
The change in focus was reflected in 1949 when the bank changed its name to The British Bank of Iran and the Middle East and again in 1952 to The British Bank of the Middle East.
Regional expansion
By 1959, when the bank was acquired by the Group, it had added more offices in Aden, Sharjah, Qatar, Saudi Arabia, Libya, Tunisia, Morocco and Abu Dhabi.
Throughout the 1960s and 1970s, nationalisation of the banking sector saw the bank end its presence in Iraq, Yemen, Syria and Libya.
The bank also entered into local alliances. During 1978, the bank’s business in Saudi Arabia was transferred to a new bank, the Saudi British Bank, where the Group took a 40% shareholding. The Group also took a 40% share in the Hong Kong Egyptian Bank S.A.E, when it was established in 1982.
HSBC in Qatar
HSBC has been present in Qatar since 1954. With an unrivalled global network and a rich heritage in Qatar HSBC is well positioned to play a leading role in the development of the local economy and continue its commitment to the country. The diverse workforce of international banking professionals combined with local Qatari talent offer HSBC customers the best in international knowledge and understanding of the local market dynamics.
The new state-of-the-art main office officially opened its doors on 11 February 2010 and forms part of the branch network that includes branches in West Bay, and Salwa Road. The bank offers a full range of cross border banking products and services from commercial and global banking to Retail Banking and Wealth Management and offshore banking.
