HSBC Bank Middle East has entered into an agreement to merge its Oman branch with Oman International Bank (OIB), in a deal which will see HSBC hold 51% of the combined entity and retain management and board control.
HSBC will inject additional capital of up to $97.4m into its Oman operation from its internal resources, thus creating the Sultanate's second-largest bank by branches and deposits which will be called HSBC Bank Oman SAOG. OIB is Oman's fifth largest bank and with 85 branches it is the second largest branch network in the country. The bank has gross assets of $3.2bn (Dhs11.75bn), with activities evenly split between retail and wholesale banking. HSBC currently has nine branches in the country totalling between them $2.5bn worth of assets. George Sandars, corporate partner at SNR Dent...
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