Doha Bank will acquire HSBC Bank Oman’s operations in India as the Qatari lender expands in Asia to counter diminishing margins at home.
The bank’s board on Sunday approved the combination of HSBC Oman’s India operations with Doha Bank’s India unit, the lender said in a release on Monday posted on the Qatar Exchange website. Financial details weren’t disclosed.
In a disclosure to MSM in April, HSBC Oman had said, “All the employees in the business are expected to transfer to Doha Bank as part of the sale. As on December 31, 2013, the business to be sold had two branches and gross assets of approximately US$57mn.”© Copyright - Muscat Daily