HSBC and Standard Chartered built substantial profits from the Middle East during the past decade as the Arabian Gulf oil trade boomed and countries embarked on multibillion-dollar diversification plans.
It is also the region where their reputations arguably have been most tarnished over the past two months.
Both banks have admitted to different degrees they were engaged in sanctions busting on behalf of Iranian clients - even if they differ on the finer points. Both banks' Dubai-based units were said to be important conduits for funds.
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