By Sarah Al-Mukhaizeem
KUWAIT, Nov 21 (KUNA) -- In line with the economic and commercial development witnessed in Kuwait in the first portion of the 20th century, the country required the presence of international banking entities to facilitates operations for merchants and business personnel.
In 1942, British HSBC Bank Middle East -- operating under the name Imperial Bank of Persia -- opened its doors for clients in Kuwait after establishing itself in Iraq and Iran.
Speaking on the history of the bank, historian and researcher Mohammad Jamal told KUNA that prior to the opening, the Amir of Kuwait, then Sheikh Ahmad Al-Jaber Al-Sabah, negotiated with the bank the terms of operation in the country, giving Kuwaiti citizens more benefits and services.
The bank first opened on February 28, 1942 in the merchants market. In 1946, the bank began to attended to merchants' needs in importing goods from the US, Europe, India and elsewhere.
The permits to bring goods to the country was issued by the British consulate in Kuwait, revealed Jamal who noted that initially the bank did not offer full deposit services; however, it provided safety-deposit boxes for those willing to stash their money at the bank.
The bank continued to offer services to clients at the same location in the merchants market until November 1949 where it relocated to Safat square in the city.
By 1950, the bank changed its name to the HSBC Bank Middle East, Jamal said. (end) stm.gta