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HSBC confirms negotiations with Dar Es Salaam Investment Bank
17 May 2005
HSBC confirms that it is in negotiations to take a majority stake in Dar Es Salaam Investment Bank of Iraq.
Completion of the transaction is subject to regulatory and other approvals.
HSBC has been conducting business in the Middle East since 1889 and, through its subsidiary HSBC Bank Middle East Limited, is now the largest international bank in the region with branches in Bahrain, Jordan, Kuwait, Lebanon, Oman, the Palestinian Autonomous Area, Qatar and the United Arab Emirates.
HSBC is committed to playing its part in the reconstruction of Iraq and to investing in the country over the long-term. In partnering with Dar Es Salaam Investment Bank, which has been operating successfully for more than five years, HSBC believes that it can create a leading personal and commercial banking service.
A further announcement will be made as and when appropriate.
Media enquiries to pressoffice@hsbc.com
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