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HSBC Bank Oman SAOG (HSBC Oman) and Sohar International Bank SAOG (Sohar International) reach binding agreement on potential merger.
Following discussions which began in June 2022, HSBC Oman and Sohar International have now entered into a binding agreement to take the necessary steps towards a merger by incorporation, whereby upon completion all of the assets and liabilities of HSBC Oman would be transferred to Sohar International and HSBC Oman would be dissolved.
The merger, which remains subject to approval from relevant regulatory bodies, as well as from the respective shareholders of the two entities, is expected to complete in the second half of 2023.
Our statement to the Muscat Stock Exchange regarding the agreement is available at this link.
There will be no immediate change for customers as a result of this announcement. Both banks will remain independent and continue to operate a business as usual service until the merger completes.
Detailed customer communications would be issued well in advance of completion of the merger to ensure all customers understand how it would impact them and we are committed to ensuring minimal customer disruption.
Further announcements will be made, as appropriate, in due course.