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Meezan Bank acquires HSBC Oman’s Pak ops

Pakistan’s Meezan Bank has acquired HSBC Oman operations, consisting of only one branch. At the end of the first quarter of 2015, the bank had gross assets amounting to Rs 4.1 billion. Meezan Bank said the operation of HSBC Oman Pakistan is being converted into a Shariah-compliant business. It added that the acquisition of the branch marked the 500th branch of Meezan Bank. HSBC Bank Oman, which currently operates in Oman, India and Pakistan, has decided to sell off its India operations too. Earlier, in October, Meezan Bank has also acquired Pakistan branch operations of HSBC Bank Middle East.

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