Mubasher TV
Contact Us Advertising   العربية

Doha Bank EGM approves the takeover of India's HSBC Bank Oman

Doha Bank EGM approves the takeover of India's HSBC Bank Oman
Doha Bank
DHBK
-0.27% 1.49 -0.00
Doha Bank announced that its Extra Ordinary General Assembly meeting has approved the Scheme of Amalgamation under Section 44A of the Banking Regulation Act, 1949 of India to take over the business of India Operations of HSBC Bank Oman on a going concern basis by Doha Bank , India.


The India business of HSBC Bank Oman has two branches located in Mumbai and Kochi that serve approximately 2,900 customers , stated a bourse statement.

Under the deal, Doha Bank has agreed to pay a single lump sum amount of cINR1.28 billion (cQAR75 million) to the seller, payable outside India.

With the acquisition of these assets, Doha Bank is set to start operations of a full-fledged branch in India. The group is also inclined to establishing a wholly-owned subsidiary, a route that India’s Central Bank has been pushing for. “We had a soft opening in July. Now we are in the process of having an integrated full scale operation with the completion of the technology interface very soon,” said Dr R Seetharaman, Group CEO of Doha Bank.