HSBC in Bahrain Introduction With a secure and broad-based way of life and developed industrial systems, with business opportunities exclusive to Bahrain, with its status as a hub of financial institutions, with a political structure aligned with capital security and with its strategic geographical position, the region presents itself as a leading investment haven in the Middle East (Gillespie & Gritzner 2002)…
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With very sophisticated infrastructures, Bahrain is a rapidly developing market in the Middle East. The country has a strong government with futuristic outlooks which has contributed to the shaping of the nation as a highly mature economy (Dew 2002). There are large numbers of development ventures in progress all over the country which renders the opportunity to expand to Bahrain quite pleasing. The country provides various encouragements to the opportunity of expanding to Bahrain (Dew 2002). Because of its strategic position, several multinational companies have expanded to Bahrain like Nomura Investment Banking, American Express, Citicorp, etc (Sohail 2005). The objective of this essay is to analyze the (1) physical and societal factors, (2) competitive factors, (3) objectives, and (4) strategies and means as they relate to the expansion of financial institutions to Bahrain, which in this paper will be the The Hong kong and Shanghai Banking Corporation (HSBC). HSBC has its main office in London, and it is one of the major financial institutions in the world. HSBC, just like other global businesses, are gaining from flourishing business in the Middle East ( However, expansion for HSBC has been beset with difficulties. The company has to deal with external factors, such as those mentioned above, in their pursuit for successful expansion. Physical and Societal Factors The coarse periphery of Bahrain is characterized by a dynamic cultural domain and sophisticated infrastructure. Since 1971, the period it gained its independence from the UK, Bahrain has grown into a wealthy, progressive nation that adopts the union of its culture with its quest for prosperity (Gillespie & Gritzner 2002). Nowadays, the country tries to build a more advanced state which values and merges its time-honored cultural practices (Dew 2002). Gaining knowledge and making sense of this exceptional culture and its related business customs is critical to the success of expansion plan of HSBC to Bahrain. Some of the factors that the management of HSBC should take into account are the business-related social practices of Bahrainis. For instance, the society of Bahrain is deeply rule-inclined with laws, policies, and other control systems established to lessen the insecurity and put in force the authority of leaders (Dew 2002). This quite rigid hierarchical structure is embodied in the prescribed communication method of the general population of Bahrain. The use of prescribed greetings and distinctions or titles is important (Dew 2002). For instance, when a person enters an office for the first time, s/he should shake hands with the highest ranking officer first using their certain distinctions. This information is vital to the human resources management of HSBC. Competitive Factors The banking sector in Bahrain is considered as one of the most competitive in the Middle East. The government vigorously and explicitly seeks for foreign investments and views them as crucial to the country’s economic success (Laulajainen 2003). Banking and financial organizations in Bahrain are involved in a traditional business environment and trade-oriented culture that prospers from the foreign investments (Chiline 2002). The corporate banking culture in Bahrain welcomes foreign companies eagerly and attracts foreign
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