HSBC Bank Oman and local lender Sohar International Bank have entered into a binding merger agreement, both parties said in separate statements today (16 November).
All assets and liabilities of HSBC Oman will be transferred to Sohar International, the banks said in two separate regulatory announcements, without disclosing the deal value.
On completion of a merger, HSBC Oman will cease to exist as a legal entity and its shares will be cancelled, the banks said.
Shohar International said in its statement: "The timing of the extraordinary general meetings of each of HBSC Oman and Sohar International will be confirmed at a later date and subject to the publication of further information relating to the merger as required by applicable regulations.
"If both extraordinary general meetings vote in favour of the merger, then the resolutions will be published and the process will follow in line with the requirements of applicable laws and regulations. Only at legal completion date will HSBC Oman merge into Sohar International to become a single bank."
