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HSBC Bank Oman to sell Indian units to Doha Bank

HSBC Bank Oman said it had agreed on the sale of its Indian business to Qatar’s Doha Bank. No value for the transaction was given in the statement to the Muscat Securities Market. The unit had two branches – in Mumbai and Kochi – and gross assets worth Rs 3.5 billion t the end of 2013. When the deal is completed, all staff currently employed in the Indian business would transfer to Doha Bank. The bank added that the transaction, which is subject to shareholder and regulatory approvals, is expected to be completed in the second half of 2014. Doha Bank had recently bagged the licence to commence banking operations in India and as a precursor to its entry into the Indian market it had hosted knowledge-sharing sessions in Mumbai and Chennai.

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