HSBC Holdings PLC (HSBA) - HSBC Bank Oman
RNS Number : 7344E
HSBC Holdings PLC
06 June 2012
3 June 2012
HSBC COMPLETES MERGER OF ITS OMANI OPERATIONS WITH OMAN INTERNATIONAL BANK
Further to the announcement on 18 April 2012, the Ministry of Commerce &
Industry in Oman has formally approved the merger of Oman International Bank
SAOG and the Oman operations of HSBC Bank Middle East Limited ('HSBC Oman').
HSBC Bank Middle East Limited ('HSBC') is an indirect wholly owned subsidiary
of HSBC Holdings plc.
The merger has now completed and the combined entity, in which HSBC owns 51%
and which begins operating today, is named HSBC Bank Oman SAOG ('HSBC Bank
Oman'). Just prior to the merger, HSBC injected additional capital in cash
from its internal resources into HSBC Oman.
With one of the largest branch networks in the Sultanate, HSBC Bank Oman will
serve the needs of retail, corporate and institutional customers.
Simon Cooper, Deputy Chairman & Chief Executive Officer of HSBC Middle East &
North Africa, has been appointed as Chairman of HSBC Bank Oman's seven-member
Board of Directors, with each Director serving an initial three-year term:
Simon Cooper (Chairman)
Brigadier Waleed Omer Abdul-Monem Al Zawawi (Deputy Chairman)
Dr Juma Ali Juma Al Juma
Aimen Ahmed Sultan Al Hosni
Ewan Stirling has been appointed Chief Executive Officer of the combined
The successful completion of this deal allows both existing customers and
residents of Oman to benefit from the HSBC Group's international network and
an even wider range of banking products and services.
Notes to editors:
1. HSBC in the MENA Region
HSBC is the largest and most widely represented international banking
organisation in the Middle East and North Africa (MENA), witha presence in 14
countries across the region. HSBC has operations in the United Arab Emirates,
Egypt, Qatar, Oman, Bahrain, Kuwait, Jordan, Lebanon, Pakistan, Algeria and
the Palestinian Autonomous Area. In Saudi Arabia, HSBC is a 40% shareholder of
Saudi British Bank (SABB), and a 49% shareholder of HSBC Saudi Arabia
forinvestment banking in the Kingdom. In Iraq, HSBC holds a majority
shareholding in Dar Es Salaam Investment Bank. HSBC also maintains a
representative office in Libya.
This presence, the widest reach of any bank in the region, comprises some 273
offices and around 12,000 employees. In the full year 2011, HSBC in the MENA
region made a profit before tax of US$1,492m.
2. HSBC in Oman
HSBC is the largest international bank operating in the Middle East, and Oman
is an important market in the region for the bank. Oman has one of the most
stable political, social and economic environments in the region, with a
growing economy supported by a young population and significant investments in
3. HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in
London. The Group serves customers worldwide from around 7,200 offices in over
80 countries and territories in Europe, the Asia-Pacific region, North and
Latin America, and the Middle East and North Africa. With assets of US$2,637bn
at 31 March 2012, the HSBC Group is one of the world's largest banking and
financial services organisations.
This information is provided by RNS
The company news service from the London Stock Exchange
MSCUVRORUUANRUR -0- Jun/06/2012 06:00 GMT
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