HSBC has reportedly moved a board meeting scheduled for Dubai to London at the end of September after employees raised safety concerns as the war in Iran continues to disrupt travel to the region.

The board had been due to convene in Dubai as part of its annual schedule, according to people familiar with the matter cited by the Financial Times. HSBC has also restricted travel to the Middle East to trips considered “business-critical”, according to a person familiar with the bank’s arrangements.

The change follows discussions with HSBC employees in Dubai who raised concerns about safety, according to the people cited by the Financial Times. HSBC declined to comment on the reported relocation, while Reuters said it could not immediately independently verify the report.

The move comes despite there having been no direct Iranian strikes on the United Arab Emirates since mid-May. Regional tensions have continued, however, while international companies have maintained restrictions on executive travel to parts of the Middle East.

HSBC’s reported decision has particular significance for its regional operations because Dubai is the bank’s Middle East headquarters and the lender is the UAE’s largest foreign bank. HSBC generated $800 million in pre-tax profit in the UAE last year, down from around $1 billion a year earlier.

The bank has continued to pursue growth in the Middle East, which it considers an important part of its international strategy. In April, HSBC signed an agreement with the Dubai government to use its international client network to help bring companies and wealthy individuals to the emirate.

HSBC has previously said the conflict in Iran resulted in around $32 million of direct losses during the second quarter. The bank has separately set aside $300 million to cover potential defaults linked to the conflict.

HSBC’s board typically meets nine times a year in locations including London and Hong Kong, as well as cities that are important to its business. Senior HSBC executives held a board meeting in Dubai in 2024, when they met senior UAE officials.

---