HSBC Bank Oman agrees on Indian business sale to Qatar's Doha Bank
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 Rs 350 crore ($58.1 million) at the end of 2013.
Should the deal be completed, all staff currently employed in the Indian business would be transferred to Doha Bank.
The affiliate of HSBC Holdings added in the statement the deal was due to be completed in the second half of 2014, subject to regulatory and shareholder approval.
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 Rs 350 crore ($58.1 million) at the end of 2013.
Should the deal be completed, all staff currently employed in the Indian business would be transferred to Doha Bank.
The affiliate of HSBC Holdings added in the statement the deal was due to be completed in the second half of 2014, subject to regulatory and shareholder approval.
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First Published: Apr 17 2014 | 12:45 AM IST