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HSBC Forays Into Kuwait Retail Banking Market

HSBC has entered into the retail banking business in Kuwait with the launch of global personal banking service HSBC Premier. Now, Kuwait joins over 39 other countries in offering the service.

HSBC Premier offers cross-border banking with the promise that customers can, for the first time, take their accounts, credit history and banking relationships with them wherever they choose to live and work. Premier accounts can be opened in local as well as foreign currencies with customers having access to global emergency cash assistance. Customers can also benefit from access to overdraft facilities without arrangement fees as well as a range of wealth management services.

Currently, HSBC has over 290 international premier centres around the world, and more than 8,500 branches with premier service points. With this launch HSBC Premier centres are now available in all GCC countries.

Simon Cooper, CEO of HSBC Middle East and North Africa, said: “Our premier proposition has really struck a chord with our Middle East customers. In 2009, we saw a 32% rise in premier customers across the region. Today’s launch is the next stage of growth for premier, and underlines HSBC’s long term commitment and investment in the Middle East.”

Lloyd Maddock, CEO of HSBC Kuwait, said: “Globalization changes both business and social habits. More and more people, including Middle East nationals and residents lead an international, mobile lifestyle. It has an impact both on their professional behaviour as well as on the way they spend their leisure time.

“Business people and citizens travelling abroad are looking for far more support and help from their bank in international financial services and wealth management. We are looking forward to offering the benefits of HSBC Premier’s international connectivity, enhanced rewards program and wealth management services to our Kuwaiti customers.”