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HSBC Mideast clarifies on licence cancellation

MANAMA, February 27, 2015

HSBC Bank Middle East has said its Bahrain operations continue as before and are unaffected by the cancellation of a legacy licence in the country.

In a statement, the bank said “the cancellation of the wholesale banking licence of The Hong Kong & Shanghai Banking Corporation branch in Bahrain announced recently by the Central Bank of Bahrain is the final legal step in closing of one of the two wholesale banking entities which HSBC has in Bahrain.”

The entity had no assets or liabilities upon its winding up and never had any employees, it said in a report in the Gulf Daily News (GDN), our sister publication.

“The entity whose licence has now been cancelled was independent of HSBC's main operating branch in Bahrain - HSBC Bank Middle East in Bahrain, which operates HSBC's retail and commercial banking operations,” the bank said.

“The cancellation of the licence has no impact on customers or staff of HSBC Bank Middle East in Bahrain.” - TradeArabia News Service

Tags: Bahrain | HSBC | License | Cancellation | wholesale |

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