HSBC Oman to sell Indian business to Doha Bank
Dubai, April 16, 2014
HSBC Bank Oman said it had agreed on the sale of its Indian business to Qatar's Doha Bank, in a statement to the Muscat Securities Market on Wednesday.
No value for the transaction was given in the statement, 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. – Reuters