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Hub AI
HSBC Bank Middle East AI simulator
(@HSBC Bank Middle East_simulator)
Hub AI
HSBC Bank Middle East AI simulator
(@HSBC Bank Middle East_simulator)
HSBC Bank Middle East
HSBC Bank Middle East (HBME, Arabic: إتش إس بي سي الشرق الأوسط), known from 1959 to 1999 as British Bank of the Middle East (BBME), is the largest and most widely represented international bank in the Middle East, fully owned by HSBC. It was founded in Tehran, Qajar Iran in 1889 and has successively been headquartered in Tehran (1889-1959), London (1959-1999), Jersey (1999-2016), and Dubai since 2016.
HBME is regulated by the Dubai Financial Services Authority, but remains locally regulated in each of the countries in which it operates by the country's Central Bank and its other regulators.
In 1959, HSBC purchased the London-headquartered British Bank of the Middle East, the former Imperial Bank of Persia that had been renamed in 1952 following expropriation from its historic operations in Iran. By then, the BBME had offices in Bahrain, Kuwait, Jordan, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, the Trucial States (later UAE), Tunisia, and Yemen.
During the 1960s and 1970s the bank left Syria, Iraq, South Yemen and Libya after nationalisation of the respective banking sectors. BBME also opened a branch in Djibouti in 1975 that it closed in 1986, having failed to adapt itself to the market. HSBC operated in the Palestinian Territories until 31 December 2015. All operations of HSBC, including personal and commercial banking and headquarters in Ramallah, were closed by 31 December 2015.
In 1978, the BBME's operations in Saudi Arabia was transferred to a new venture, the Saudi British Bank, in which HSBC held a minority stake of 40 percent.
In 1999, the BBME's head office was relocated from London to Jersey. On that occasion, it was renamed as HSBC Bank Middle East.
In 2013, HSBC Jordan's banking business consisted of four branches with gross assets of approximately $1.2 billion. On 19 June 2014, Arab Jordan Investment Bank (AJIB) acquired HSBC Jordan. Almost all employees were expected to transfer to AJIB.
In June 2016, the bank again transferred its place of incorporation and head office from Jersey to Dubai International Financial Centre, Dubai, UAE.
HSBC Bank Middle East
HSBC Bank Middle East (HBME, Arabic: إتش إس بي سي الشرق الأوسط), known from 1959 to 1999 as British Bank of the Middle East (BBME), is the largest and most widely represented international bank in the Middle East, fully owned by HSBC. It was founded in Tehran, Qajar Iran in 1889 and has successively been headquartered in Tehran (1889-1959), London (1959-1999), Jersey (1999-2016), and Dubai since 2016.
HBME is regulated by the Dubai Financial Services Authority, but remains locally regulated in each of the countries in which it operates by the country's Central Bank and its other regulators.
In 1959, HSBC purchased the London-headquartered British Bank of the Middle East, the former Imperial Bank of Persia that had been renamed in 1952 following expropriation from its historic operations in Iran. By then, the BBME had offices in Bahrain, Kuwait, Jordan, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, the Trucial States (later UAE), Tunisia, and Yemen.
During the 1960s and 1970s the bank left Syria, Iraq, South Yemen and Libya after nationalisation of the respective banking sectors. BBME also opened a branch in Djibouti in 1975 that it closed in 1986, having failed to adapt itself to the market. HSBC operated in the Palestinian Territories until 31 December 2015. All operations of HSBC, including personal and commercial banking and headquarters in Ramallah, were closed by 31 December 2015.
In 1978, the BBME's operations in Saudi Arabia was transferred to a new venture, the Saudi British Bank, in which HSBC held a minority stake of 40 percent.
In 1999, the BBME's head office was relocated from London to Jersey. On that occasion, it was renamed as HSBC Bank Middle East.
In 2013, HSBC Jordan's banking business consisted of four branches with gross assets of approximately $1.2 billion. On 19 June 2014, Arab Jordan Investment Bank (AJIB) acquired HSBC Jordan. Almost all employees were expected to transfer to AJIB.
In June 2016, the bank again transferred its place of incorporation and head office from Jersey to Dubai International Financial Centre, Dubai, UAE.