MUSCAT: The board of directors of HSBC Oman has agreed to conclude a memorandum of understanding with Sohar International Bank and to initiate exclusive discussions regarding a possible merger between the two banks.
The bank, on July 25, said that the board discussed that the possible merger will be by way of consolidation.
HSBC confirmed that the ongoing exclusive discussions, negotiations and potential merger are subject to due diligence and final agreements, in addition to obtaining approvals from the banks’ boards of directors, relevant regulators and shareholders.
Read More
- Oman to host ICESCO delegation in Dhofar to strengthen cultural diplomacy and cooperation
- Dhofar Municipality launches wage support scheme for seasonal Omani workers
- Wali of Muttrah reviews Aint Marina project progress, hears residents’ concerns
- Omani citizen convicted over social media video, phone confiscated and account closed
- Oman Foreign Minister to visit Tehran for talks on Strait of Hormuz
The bank issued a new disclosure through the Muscat Stock Exchange providing the latest updates on the potential merger with Bank Sohar International. The new disclosure comes in addition to the disclosure issued on June 19, 2022 and to HSBC Bank Oman’s discussions with Sohar International Bank.
The bank also indicated that it had learned from HSBC Group, its largest shareholder, that the intention is for HSBC Bank Middle East Limited to establish a wholly-owned banking branch in the Sultanate of Oman.
Accordingly, in the event that the proposed merger discussions will lead to a binding agreement, HSBC Bank Middle East Limited will request from the concerned regulatory authorities to approve the establishment of this new branch.
