HSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East. History The Imperial Bank of Persia (Persian: بانک شاهنشاهی ایران; Bank-e Šâhanšâhi-ye Irân) was a British bank that operated as the state bank and bank of issue in Iran (formerly known as Persia until 1935) between 1889 and 1929. It was established in 1889 with a concession from the Persian government to Baron Julius De Reuter (born Israel Beer Josaphat), a German Jewish banker and businessman who later became a Christian and a British subject. The bank was the first modern bank in Iran and introduced European banking ideas to a country in which they were previously unknown. The legal centre of the bank was in London and whilst it was subject to British law, its activities were based in Tehran. It also had operations in other Middle Eastern countries. In 1952, the bank abandoned the Iranian market and it was later renamed British Bank of the Middle East (BBME). In 1959, BBME was acquired by The Hongkong and Shanghai Banking Corporation Limited. In 1994, the bank's head office was moved to Jersey, and subsequently changed its name to HSBC Bank Middle East (HBME) in 1999. In June 2016, the bank transferred its place of incorporation and head office from Jersey to Dubai International Financial Centre, Dubai, UAE. Middle East banking HBME is regulated by the Dubai Financial Services Authority, but remains locally regulated in each of the countries in which it operates by the country's Central Bank and its other regulators. HSBC maintains a network of offices in various countries in the Middle East. Operations of the group in the Middle East are under this subsidiary. Algeria HSBC has a presence in Algeria since August 2008 when HSBC France opened a registered office and branch in Algiers. In 2009, HSBC France transferred the supervision of the bank to HBME. The bank has two branches located at the cities of Algiers (head office) and Oran. It offers banking products and services for Corporate, as well as Retail Banking customers. Bahrain HSBC has a presence in Bahrain since 1944 when the Imperial Bank Of Persia opened a branch. The bank's network in Bahrain extends to three locations, including an offshore banking unit. It is represented by HSBC Middle East Limited (HBME) and is the largest foreign bank in Bahrain. The bank has branches,