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Weeks after a report identified widespread failings at HSBC Middle East Ltd, the bank has announced that it’s moving its headquarters from Jersey to Dubai.
At the start of the month, a report by the Jersey Financial Services Commission into practices at the bank from 2008 to 2012 found that they failed to detect sanction breaches, did not identify high-risk clients and did not report suspicious activity by clients quickly enough.
That report concluded with the financial services regulator saying that the bank had since cleaned up its act, but within weeks of the announcement HSBC Middle East Limited has announced that it will be moving its headquarters and place of incorporation to Dubai.
The bank has been based here since 1994.
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