HSBC Bank Middle East (HBME) has said that it intends to transfer its place of incorporation and head office to the Dubai International Financial Centre in 2016.
Following the transfer, HBME will be lead-regulated by the Dubai Financial Services Authority (DFSA).
The bank added that move will have no impact on any of its local regulatory relationships in MENA region, neither on its business in other countries where it operates.
As part of the relocation, about 100 staff will move to the DIFC, where HSBC’s private bank already operates.
HSBC MENA deputy chairman and CEO Mohammad Al Tuwaijri said that management has been considering this move for some time. Aligning our business and regulatory oversight geographically makes strong strategic sense.
HBME, which launched its operations in Dubai in 1946, currently employs more than 4000 employees in the UAE.