HSBC set to end 30-year absence from Kuwait

HSBC Bank Middle East Ltd has been issued a licence by the Central Bank of Kuwait to establish a branch there, ending an absence of 30 years.

The decision to issue a licence to HSBC was approved on February 28 by Kuwait's Council of Ministers.

"After more than 30 years absence from Kuwait, we are very pleased to have been granted a licence to re-enter this important regional market," said David Hodgkinson, CEO and deputy chairman of HSBC Bank Middle East.

"Kuwait is a significant regional trading economy and a branch presence in this market will materially strengthen our coverage of the Middle East."