Doha Bank to buy HSBC Bank Oman business in India

Dubai, April 19: Qatar-based Doha Bank has agreed to buy HSBC Bank Oman’s business in India that has gross assets of Rs.350 crore ($58 million).

“Doha Bank has entered into an agreement with HSBC Bank Oman (HSBC Oman), an indirect 51 percent owned subsidiary of HSBC Holdings, to purchase the banking business of HSBC Bank Oman in India,” Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al Thani said in a statement.

The business being acquired consists of its two branches and had gross assets of Rs.350 crore (approx $58 million) as at March 31, 2013, he said.

According to the statement all the staff of HSBC Bank Oman in India will be transferred to Doha bank as part of the purchase.

The transaction is subject to the approvals of regulatory authorities in Qatar, India, Oman and Jersey.

IANS