Qatar’s Doha Bank has announced the results of its Board of Directors’ meeting held on Sunday in a statement to the Qatar Exchange (QE) today. The Bank’s Board unanimously approved the merger scheme that enables Doha Bank – India to purchase and merge the operations and assets of HSBC Bank Oman in India (an Omani joint stock companies) with Doha Bank – India.
The Board also called for an extraordinary general meeting (EGM) of Doha Bank to convene, discuss and approve the merger scheme.
No value for the transaction was given in Doha Bank’s statement to QE.
It is worth noting that HSBC Bank Oman is the second largest bank in the Sultanate, with more than 80 branches and 120 ATMs across the country.
It is also worth mentioning that HSBC Bank Oman is an affiliate of HSBC Holding. It had previously announced in April that it had approved the sale of its Indian business to Doha Bank. The Omani lender had noted that it had two branches and gross assets worth around INR 3.5 billion ($57 million) at the end of 2013.