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HSBC Oman completes sale of business in India to Doha Bank

Muscat Daily

01 April 2015
Muscat - HSBC Bank Oman on Tuesday completed the sale of its banking business in India to Qatar's Doha Bank, it said in a disclosure to the Muscat Securities Market (MSM) on Wednesday.

It, however, did not disclose the value of the transaction.

HSBC Oman reached an agreement to sell its India business to Doha Bank in April last year. It then said that the business had two branches and gross assets of R3.5bn (RO21.63mn) as on December 31, 2013.

HSBC Oman shares advanced 3.08 per cent on the MSM on Wednesday.

In a recent report, HSBC Bank Oman said the process of sale is complicated, involving as it does laws and regulations of India, Qatar and Oman. It was confident of completing the process in the first half of 2015.

Shareholders of Doha Bank approved the purchase in December last year.

In November last year, HSBC Bank Oman confirmed that it was in discussions with Karachi-based Meezan Bank Ltd regarding the possible sale of its operations in Pakistan. "These discussions are at a preliminary stage and may or may not lead to a sale. Any sale would be subject to, amongst other things, appropriate regulatory approvals," the bank had added. 

© Muscat Daily 2015

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