MUSCAT – “There will be no immediate change for customers as a result of today’s announcement. Both banks will remain independent and continue to operate business as usual service until the Merger has completed,” stated Sohar International Bank in a disclosure on Muscat Stock Exchange. In a separate disclosure HSBC Bank Oman also announced that its Board of Directors has approved the proposed merger by incorporation with Sohar International Bank.

Following is the statement on the merger from Sohar International: “Further to the disclosures made on 16th June 2022, 26th July 2022, 16th November 2022, and 5th February 2023, Sohar International Bank S.A.O.G (Sohar International) would like to announce that, after due and careful consideration, its Board of Directors has approved the proposed merger by incorporation with HSBC Bank Oman S.A.O.G (HSBC Oman) on the terms and conditions agreed in the Merger Agreement dated 15th November 2022 (as amended from time to time) between HSBC Oman and Sohar International (the Merger). “The Board of Sohar International believes that the Merger is in the interests of the shareholders of Sohar International and has therefore approved the calling of an extraordinary general meeting of the shareholders of Sohar International (the EGM) to consider the Merger and to present the shareholders of Sohar International with an explanatory statement including the terms and conditions of the Merger, the recommendation of the Board to vote in favour of the Merger and each of the EGM resolutions and other supporting documents, as required by applicable regulations.

“In addition to the approval of the respective shareholders of Sohar International and HSBC Oman, the Merger remains subject to the approval of relevant regulatory bodies… A separate announcement will be made in relation to the date, time and agenda of the EGM in due course and in accordance with applicable laws.” HSBC announcement stated that “The Board believes that the Merger is in the interests of the shareholders of HSBC Oman and has therefore approved the calling of an extraordinary general meeting of the shareholders of HSBC Oman (the EGM) to consider the Merger and to present the shareholders of HSBC Oman with an explanatory statement including the terms and conditions of the Merger, the recommendation of the Board to vote in favour of the Merger and each of the EGM resolutions and other supporting documents, as required by applicable regulations.”