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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.