HSBC Bank Middle East Limited (‘HBME’) today said it has transferred its place of incorporation and head office from Jersey to the Dubai International Financial Centre (the "DIFC") effective today, 30 June 2016.

As a result of the transfer, HBME is now lead-regulated by the Dubai Financial Services Authority (the "DFSA"). HBME remains locally regulated in each of the countries in which it operates by the country’s Central Bank and its other regulators. The re-location has no material impact on HBME’s 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 ("JFSC") for twelve years. I would like to thank the JFSC for the effective supervision that they have provided during that time.

"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, so we know the jurisdiction and regulator well, and we look forward to developing our broader relationship with them."

Essa Kazim, Governor of the DIFC, added: "We are pleased to welcome HBME to DIFC, the global financial hub for the Middle East Africa and South Asia region. 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.

"Furthermore, the transfer will attract assets valued at more than US$40 billion on the balance sheet to DIFC. HBME operations at DIFC will be regulated by our independent regulator DFSA for the entire Middle East region, further strengthening the credibility of our regulatory regime and benefit our clients and stakeholders. 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."
Source: WAM