16 April 2014
HSBC BANK OMAN S.A.O.G. AGREES TO SELL ITS BUSINESS IN INDIA
HSBC Bank Oman S.A.O.G., an indirect 51% owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its banking business in India (the 'Business') to Doha Bank QSC ('Doha Bank'). All employees in the Business are expected to transfer to Doha Bank as part of the sale. At 31 December 2013, the Business to be sold had two branches and gross assets of INR3.5bn (approximately US$58m).
The transaction, which is subject to shareholders' and regulatory approvals, is expected to complete during the second half of 2014.
Notes to editors:
1. HSBC in Oman
HSBC in Oman is represented by HSBC Bank Oman S.A.O.G. which was formed in June 2012 after Oman International Bank S.A.O.G. merged with HSBC Bank Middle East Limited's operations in Oman. HSBC Holdings plc owns 51% of the combined entity through its indirect wholly owned subsidiary HSBC Bank Middle East Ltd. Today, HSBC Bank Oman is the second largest local Omani bank in terms of branch network and the largest internationally connected financial institution in the Sultanate.
2. HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquarteed in London. The Group serves customers worldwide from around 6,300 offices in 75 countries and territories in Europe, Hong Kong, Rest of Asia-Pacific, North and Latin America, and the Middle East and North Africa. With assets of US$2,671bn at 31 December 2013, the HSBC Group is one of the world's largest banking and financial services organisations.
