The existing senior unsecured programmes, the trust certificate issuance programme of FGB Sukuk Company Ltd and HBME
Sukuk Company Ltd and notes issued under these programmes are rated in line with the Long-or Short-Term IDRs of the respective banks.
Essa Kazim, Governor of the DIFC, added, "We are pleased to welcome HBME
to DIFC, the global financial hub for the Middle East Africa and South Asia region.
outgrew its Salt Lake City office, the partners decided to find a location that better suited the firm's needs.
Formed in January last year, HBME
employs around 7,500 people in some 700 operations in the UK, Netherlands, France, Belgium, Germany, Spain, the Czech Republic and Israel.
As a result of the transfer, HBME
, which operated under a regulatory regime administered by Jersey Financial Services Commission (JFSC) for 12 years, is now lead-regulated by the Dubai Financial Services Authority (DFSA).
The transaction, which is subject to regulatory and other customary approvals, including the approval of the direct shareholders in HBME
and Meezan, is expected to complete during the second half of 2014.
's Support Rating reflects very strong potential institutional support from its parent, HSBC Holdings plc (HSBC, AA-/Stable), based on Fitch's view that HBME
is a core subsidiary of HSBC Holdings.
rollout is for Premier Relationship Managers in UAE, Jordan, Lebanon, Bahrain, Qatar and Oman.
BANKING AND CREDIT NEWS-May 23, 2011--Fitch assigns expected AA- rating to HBME
Sukuk's trust certificates(C)2011 M2 COMMUNICATIONS http://www.
is a wholly owned subsidiary of HSBC Holdings, registered in the Channel Islands, with operations in the Middle East.
This considers the strategic importance of HBME
as the main operating vehicle for the Middle East operations of the HSBC group.
said at the time the sale was seen to be wrapped up in the final quarter of last year.