HSBC’s Oman subsidiary announces legally binding merger agreement

Muscat: HSBC Bank Oman, the 51 per cent owned subsidiary of HSBC Middle East Holdings BV (HMEH), has announced a legally binding agreement to take the necessary steps towards a merger by incorporation with Sohar International Bank.

The merger, which is still subject to approval from relevant regulatory bodies as well as from the respective shareholders of the two entities, is expected to complete in the second half of 2023.

HSBC Bank Middle East Limited will now seek regulatory approval to establish a new, wholly owned branch of HSBC Bank Middle East Limited in Oman, should the merger of HSBC Oman and Sohar International receive the necessary shareholder approvals.