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Meezan Bank gets approval to acquire HSBC unit

The State Bank of Pakistan has given approval to Meezan Bank to acquire HSBC Bank Oman’s operations in the country. In a letter sent to Meezan Bank, the central bank said it has given in-principle approval to proceed with completing the required formalities, including getting shareholders approval, for the proposed amalgamation of HSBC Bank Oman with and into Meezan Bank. The approval is subject to compliance with applicable laws, rules and Sharia’a standards. Meezan Bank is the first and largest Islamic bank in Pakistan and one of the fastest growing banks in the country. The regulator also said Meezan Bank’s conversion plan to convert the conventional portfolio of HSBC Bank Oman into Islamic mode is being reviewed by the Islamic banking department of SBP. In June, HSBC Bank Oman entered into an agreement to sell its banking business in Pakistan to Meezan Bank through amalgamation. As on March 31, 2015, HSBC Bank Oman’s Pakistan business had one branch and gross assets of approximately US$40mn.

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