Mubasher Trade and Research stated that HSBC Bank Oman, 51% indirectly owned by HSBC Holdings, has entered into an agreement to sell its banking business in India to Doha Bank (DHBK.QE). As of 2013, the business in question had 2 branches and gross assets of INR3.5bn (c.USD58mn). The transaction is expected to be finalized during H2 2014, but the deal is still subject to shareholders' and regulatory approval, with no further details announced. However, this fits with Doha Bank's plan to expand overseas, specifically in India, for which it has sufficient capital (boasting a 16% CAR, while the Qatar Central Bank’s (QCB) minimum is 10%). Doha Bank, which nets 17% of its business from overseas operations, already opened a branch in India earlier this month and is targeting USD5bn in assets over the next 3 years. Acquiring 2 branches with USD58mn in assets thus fits neatly into this plan.