HSBC Bank Middle East Limited to apply for establishing presence in Qatar Financial Centre
Mr. David Hodgkinson, Deputy Chairman and Chief Executive Officer of HSBC Bank Middle East Limited (HBME), visited Doha on 28 November 2005 to continue ongoing discussions with senior representatives of the Qatar Financial Centre (QFC) and the Qatar Financial Centre Regulatory Authority (QFC Regulatory Authority).
Mr. Hodgkinson confirmed HSBC’s intention, on behalf of HBME, to apply to establish certain material financial services activities in the QFC during the early part of 2006, reinforcing the commitment made by Sir John Bond, HSBC Group Chairman, to the Emir of the State of Qatar, that HSBC will establish a presence in the Centre.
The meeting took place between Mr. Hodgkinson, other senior HSBC officials, Stuart Pearce, Chief Executive Officer and Director General of the Qatar Financial Centre Authority (QFC Authority), and Phillip Thorpe, the QFC Regulatory Authority’s Chairman and CEO. During the meeting, a range of specific lines of potential new business activity were discussed, including the concept of using the QFC as a regional base to serve other parts of the GCC and beyond, in addition to developing on-shore Qatar-focused business initiatives.
“As the QFC Regulatory Authority publishes further laws, rules and guidance, HSBC will remain actively involved in order to be better able to develop our plans and strategy for the migration of further business activities into the Centre,” commented Mr. Hodgkinson.
“We are delighted that HSBC is finalising its plans to establish a presence in the QFC. HSBC has a unique presence and history in the region, and has invested heavily over the years in Qatar. They rightly recognise the enormous opportunities opening up with the exploitation of Qatar’s energy resources, and the development of the country’s economy. The vision of the Emir and his government for a highly efficient energy infrastructure and a modern state are key factors underpinning the attraction of the QFC to such international financial institutions,” commented Mr. Stuart Pearce, Chief Executive Officer and Director General of the Qatar Financial Centre Authority (QFC Authority).