HSBC Bank Oman says sale agreed for Indian business

HSBC Bank Oman said on Wednesday it had agreed on the sale of its Indian business to Qatar's Doha Bank.

No value for the transaction was given in the statement to the Muscat Securities Market, but the Omani lender said the unit had two branches and gross assets worth 3.5 billion rupees ($58.1 million) at the end of 2013.

Should the deal be completed, all staff currently employed in the Indian business would transfer to Doha Bank.

The affiliate of HSBC Holdings added in the statement that the deal was due to be completed in the second half of 2014, subject to regulatory and shareholder approval.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Are the troubles easing for Saudi construction giant Binladin?

Are the troubles easing for Saudi construction giant Binladin?

Gulf kingdom's biggest builder appears to have pulled back from...

Statistics fog raises risk as cheap oil hits Gulf

Statistics fog raises risk as cheap oil hits Gulf

Sharp revision of economic data in Saudi Arabia suggests its...

Why banking in the Gulf will never be the same again

Why banking in the Gulf will never be the same again

New technologies are emerging in banking and finance at a rapid...

Most Discussed
sponsoredTracking