11 March 2005
HSBC is to open a branch in Kuwait, after being issued with a licence by the country’s central bank.
David Hodgkinson, Chief Executive Officer and Deputy Chairman of HSBC Bank Middle East, said that the branch would open as soon as registration had been completed.
He added: "After more than 30 years absence from Kuwait, we are very pleased to have been granted a licence to re-enter this important regional market.
"Kuwait is a significant regional trading economy and a branch presence in this market will materially strengthen HSBC’s coverage of the Middle East region.
"We see considerable business potential, particularly for our corporate and investment advisory businesses and our corporate banking, trade and private banking services.
"The branch will therefore offer the global capabilities of HSBC to our clients in Kuwait and will allow us to deliver trade and corporate finance services for the benefit of key corporate clients in the country."
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East had a presence in Kuwait since 1942, when it was established as the Imperial Bank of Persia.
However, following changes to the Kuwaiti banking laws, the bank’s business was bought by local Kuwaiti banks in 1971.
HSBC applied for the new branch licence in 2004 after another change to the Kuwaiti banking laws gave permission for foreign banks to set up a single branch in the country.
