HSBC Bank Oman Agrees To Sell Indian Business To Doha Bank


News: HSBC Bank Oman has agreed to sell its Indian business to Qatari lender Doha Bank. The Omani bank did not disclose the value for the transaction but stated that its Indian unit has two branches and gross assets worth INR3.5bn (USD58.1mn) at end 2013. All employees currently working in the Indian business would be transferred to Doha Bank, upon completion of the transaction. The deal was due to complete in H214, subject to regulatory and shareholder approvals, according to a statement by HSBC Bank Oman (Reuters).

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Geography: India