04 June 2012
Further to the announcement on April 18, Oman's Ministry of Commerce and Industry has formally approved the merger of Oman International Bank SAOG and the Oman operations of HSBC Bank Middle East Ltd.
(HSBC Oman), which is an indirect wholly owned subsidiary of HSBC Holdings plc.
The merger has now completed and the combined entity, in which HSBC owns 51 percent and which begins operating today, is named HSBC Bank Oman SAOG.
HSBC Bank Oman SAOG has one of the largest branch networks in the country serving the needs of retail, corporate and institutional customers.
Capital Market Authority has agreed to increase the capital of HSBC Oman, state media reported.
Simon Cooper, deputy chairman and CEO of HSBC Middle East & North Africa, has been appointed as chairman of HSBC Bank Oman SAOG's seven-member board of directors, with each director serving an initial three-year term: Simon Cooper (chairman), Brig. Waleed Omer Abdul-Monem Al Zawawi (deputy chairman), Juma Ali Juma Al-Juma, Aimen Ahmed Sultan Al Hosni, Abdulfattah Sharaf, David Kotheimer and Francesca McDonagh. Ewan Stirling has been appointed CEO of the combined entity.
According to the HSBC press release, Al-Juma said: "This is great news for Oman and we are delighted that even more Omanis will be able to benefit from the international network we now have to offer. While both companies have a proud heritage in Oman -- now, with this merger, we're very much looking to the future of the company and the future of Oman as one."
Stirling added: "HSBC is deeply committed to the Omani market, we've been here since 1948 and you can be assured that we're here to stay. This merger helps us rapidly grow our presence and provide our important Omani customers with an even wider range of banking products and services."
The successful completion of this deal means that OIB and HSBC branches will be re-branded HSBC Bank Oman SAOG, and will feature the HSBC red hexagon logo.
Further to the announcement on April 18, Oman's Ministry of Commerce and Industry has formally approved the merger of Oman International Bank SAOG and the Oman operations of HSBC Bank Middle East Ltd.
(HSBC Oman), which is an indirect wholly owned subsidiary of HSBC Holdings plc.
The merger has now completed and the combined entity, in which HSBC owns 51 percent and which begins operating today, is named HSBC Bank Oman SAOG.
HSBC Bank Oman SAOG has one of the largest branch networks in the country serving the needs of retail, corporate and institutional customers.
Capital Market Authority has agreed to increase the capital of HSBC Oman, state media reported.
Simon Cooper, deputy chairman and CEO of HSBC Middle East & North Africa, has been appointed as chairman of HSBC Bank Oman SAOG's seven-member board of directors, with each director serving an initial three-year term: Simon Cooper (chairman), Brig. Waleed Omer Abdul-Monem Al Zawawi (deputy chairman), Juma Ali Juma Al-Juma, Aimen Ahmed Sultan Al Hosni, Abdulfattah Sharaf, David Kotheimer and Francesca McDonagh. Ewan Stirling has been appointed CEO of the combined entity.
According to the HSBC press release, Al-Juma said: "This is great news for Oman and we are delighted that even more Omanis will be able to benefit from the international network we now have to offer. While both companies have a proud heritage in Oman -- now, with this merger, we're very much looking to the future of the company and the future of Oman as one."
Stirling added: "HSBC is deeply committed to the Omani market, we've been here since 1948 and you can be assured that we're here to stay. This merger helps us rapidly grow our presence and provide our important Omani customers with an even wider range of banking products and services."
The successful completion of this deal means that OIB and HSBC branches will be re-branded HSBC Bank Oman SAOG, and will feature the HSBC red hexagon logo.
© Arab News 2012
