FYI ..
Dubai Debt Management Announcements
HSBC is one of the world's strongest banks and is proud to have offered banking services in the Middle East for over a century. We remain fully committed to the development and prosperity of the Region, and to Dubai in particular. We are confident that the leadership of Dubai and the UAE will overcome the short-term challenges faced by the Emirate.
HSBC welcomes the recent Central Bank of the UAE announcement regarding the provision of extra liquidity to the banking sector, and applauds the timeliness and decisiveness of the action. This will ensure that ample liquidity remains in the market for Dubai and the UAE to continue to conduct business as usual.
In the meantime, we too remain open for business-as-usual. HSBC is one of the strongest banks in the world, and maintains ample liquidity. This is particularly true in the UAE: At the half year, the bank had US$15.9bn of customer loans and advances in the UAE, and US$19.3bn of customer deposits. Once again, HSBC’s usual prudent approach to banking is evident. These advances to the UAE represent 1.7 per cent of HSBC’s global customer loans and advances. A large proportion for a small country, but one that reflects the importance of the region to the bank, and the importance of HSBC to the country.