Doha Bank to buy HSBC Bank Oman's banking business in India
19 April 2014
Doha Bank, the largest private commercial bank in Qatar, today struck a deal to buy HSBC Bank Oman's banking business in India for an undisclosed sum.
Sheikh Fahad Bin Mohamed Bin Jabor Al Thani, chairman of Doha Bank said that the bank has entered into an agreement with HSBC Bank Oman, an indirect 51 per cent owned subsidiary of HSBC Holdings plc, to buy the banking business of HSBC Bank Oman in India.
All employees of this business will be transferred to Doha bank as a part of the purchase.
The business being acquired has two branches and had gross assets of Rs350 crore ($58 million) as at 31 December 2013.
The deal is expected to close in the second half of 2014, subject to regulatory and shareholder approval.
HSBC Bank Oman, the second largest local Omani bank in terms of branch network and the largest internationally connected financial institution in the Sultanate, was formed in 2012 after Oman International Bank merged with HSBC Bank Middle East Limited's operations in Oman.
The London-based bank owns 51 per cent of the combined entity through its indirect wholly owned subsidiary HSBC Bank Middle East Ltd.