HSBC-OIB Oman merger receives green light

04 June 2012

Oman’s Ministry of Commerce & Industry formally approves merger of local lenders

The merger of lender HSBC Bank Middle East and North Africa’s Omani division and Oman International Bank (OIB) has finally been approved by the country’s Ministry of Commerce & Industry.

MEED reported on 27 May that the merger had been delayed as a result of a legal suit pending against HSBC by a India-based businessman.

Under Oman’s Commercial Companies Law, all mergers are subject to a creditor objection period, during which time creditors are entitled to have their cases reviewed. However, local sources confirmed no formal creditor objection letter had been submitted by the businessman.

The new entity, known as HSBC Oman SAOG, has one of the largest branch networks in the sultanate.

Simon Cooper, deputy chairman and CEO of HSBC Middle East & North Africa, has been appointed chairman of the bank, overseeing a seven-member board of directors. Ewan Stirling has taken up the role of CEO.

HSBC Oman SAOG has also listed on the Muscat Stock Market using the ticker ‘HBMO’.

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