DUBAI, Sept 17 (Reuters) - HSBC Holdings' MiddleEast business is to move its head office from Jersey to Dubai'sfinancial free zone next year, the bank said on Thursday.
Mohammad al-Tuwaijri, deputy chairman and chief executive ofHSBC in the Middle East and North Africa, said the bank had beenconsidering the move for some time.
He said in a statement it made sense for HSBC Bank MiddleEast's business to be regulated in Dubai.
The bank said the move, which means it will be regulated bythe Dubai Financial Services Authority, would not affect itscustomers or its regulatory relationships in other countriesoutside of the United Arab Emirates.
The Dubai International Financial Centre, set up in 2004,has its own labour laws and court system separate from the widerUAE.
Since opening, it has become the most prominent financialhub in the Middle East, with many international banks, law andadvisory firms and insurance companies using it as theirregional base. HSBC Private Bank has been based there since2006. (Reporting by David French. Editing by Jane Merriman)