HSBC Bank Oman says sale agreed for Indian business

Omani lender inks agreement with Qatar's Doha Bank; says all staff will be transferred on completion of deal

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.

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