We will be amending our Corporate Banking General Terms and Conditions that govern your accounts with effect from 1 August 2021 by replacing them with a revised suite of documents. The revised suite of documents will now comprise a Master Services Agreement, the United Arab Emirates Country Conditions, and a set of Account Disclosures (the “New Terms). The New Terms can be found at https://www.business.hsbc.ae/en-gb/ae/generic/download-centre. The Arabic version of the New Terms are also available on the Arabic section of our website.
Why the change?
Ease of understanding
The New Terms envisage a framework structure that includes the Master Services Agreement which focuses on the essential legal terms governing our relationship with you, the United Arab Emirates Country Conditions which sets out specific terms for the United Arab Emirates that are necessary from a local regulatory and/or operational perspective, and Account Disclosures which complement the Master Services Agreement and the United Arab Emirates Country Conditions.
The New Terms are shorter and easier to read, with our commitments and your obligations set out more clearly.
Quick and easy access to our products and international network
This framework structure will now give you quicker and easier access to a broader range of products, and/or open accounts with us in other countries using the same framework structure and Master Services Agreement, by simply adding short addendums to the Country Conditions.
What are the key changes?
The New Terms do not materially change the terms governing our relationship with you. They are shorter and clearer than the existing Corporate Banking General Terms and Conditions that govern your accounts.
Some important terms have been moved to separate sections, in particular:
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(i) Terms about the collection, use and disclosure of your information are set out in a Confidentiality and Regulatory Annex to the Master Service Agreement.
(ii) Information about the tariff of charges, statements, complaints handling and dormant accounts are now set out in the Account Disclosures.
(iii) Some provisions specific to the United Arab Emirates are set out in the Country Conditions.