HSBC is named after its founding member, The Hongkong and Shanghai Banking Corporation Limited, which was established in 1865 to finance the growing trade between Europe, India and China. HSBC’s presence in the UAE dates back to 1946 when the bank, initially called the British Bank of Iran and the Middle East, opened its doors to the merchants and citizens of the Emirates. Following its withdrawal from Iran, the bank was renamed the British Bank of The Middle East (BBME). In 1959 BBME was acquired by The Hong Kong and Shanghai Banking Corporation. The bank played a key role in the establishment of a banking sector across the MENA region.