HSBC Bank Middle East Ltd (‘HSBC’), an indirect wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to acquire the onshore retail and commercial banking business of Lloyds Banking Group (‘Lloyds’) in the United Arab Emirates (‘UAE’). The value of the gross assets being acquired is US$769m as at 31 December 2011. The transaction, which is subject to regulatory approvals, is expected to complete in 2012.
HSBC’s largest operations in the MENA region are based in the UAE where HSBC enjoys a market leading trade and commercial banking presence, in addition to the largest international retail banking and wealth management business. The business being acquired from Lloyds has approximately 8,800 personal and commercial customers and a loan book of approximately US$573m as at 31 December 2011.
Commenting on the acquisition, Simon Cooper, Deputy Chairman and Chief Executive Officer of HSBC in MENA, said: “HSBC is the leading international bank in the UAE and the addition of Lloyds’ strong presence in retail and commercial banking is highly complementary to our business. The acquisition underscores the strategic importance of the UAE, and of the MENA region as a whole, to HSBC.”
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