HSBC in talks with Oman International

Elizabeth Fournier
BRITISH bank HSBC Holdings and Oman International Bank are in discussions for a potential merger of HSBC’s Oman operations with the Gulf lender, OIB said in a statement yesterday.

“These discussions are ongoing and no decision has been made as to whether to recommend proceeding with any transaction,” OIB said in a bourse statement.

HSBC, which has operated in Oman since 1948, has five retail branches in the sultanate.

The head of its securities business was quoted by Omani media this week as saying the British lender had a long-term commitment to Oman and the Middle East. Shares in HSBC closed up 5.1 per cent yesterday.