HSBC Bank Oman said on Wednesday it had agreed on the sale of its Indian business to Qatar's Doha Bank.

No value for the transaction was given in the statement to the Muscat Securities Market, 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.

 

Related Articles

Sidley, Freshfields star in $865 million Indonesia telecom deal

by ALB |

Sidley Austin has advised Malaysia’s Axiata Group on its Indonesian subsidiary’s acquisition of Axis Telekom Indonesia from Saudi Telecom Company (STC), which was guided by Freshfields.

Oil Search fights sale of PNG gas field stake to France's Total

by Reuters |

Papua New Guinea energy company Oil Search Ltd launched a fight on Friday to contest French oil giant Total SA's purchase of a 40 percent stake in PNG's biggest undeveloped gas field.

Oman central bank sets foreign exposure caps for banks

by Reuters |

Oman's central bank has set new caps on banks' credit exposure to non-residents and funds placed abroad, giving lenders six months to comply.