HSBC Bank Middle East yesterday opened a branch in Kuwait following the relaxation of rules last year regarding the licensing of foreign banks by Kuwait, the bank said in a statement.
The decision to issue a licence to HSBC was approved on February 28 by Kuwait's Council of Ministers.
The branch was officially inaugurated by Ali M. Thunaian Al Ganem, President of the Kuwait Chamber of Commerce and Industry, and David Hodgkinson, chief executive officer of HSBC Bank Middle East Ltd.
HSBC first opened in Kuwait as the Imperial Bank of Iran, and was later renamed the British Bank of the Middle East, on February 28, 1942.
It left the country in 1971 following the nationalisation of all foreign bank operations.
The new branch is situated in the Qibla district of Kuwait City.
"Our new business in Kuwait fits squarely within the HSBC Group Middle East investment banking and wealth management strategies, and provides us with direct access into the dynamic Kuwaiti market" David Hodgkinson said during the opening of the new branch.
