Shareholders of HSBC Bank Oman have approved the dissolution of the bank and the proposed merger with Sohar International Bank.

Following the merger, Sohar International will remain as the surviving entity, HSBC Bank Oman said in a regulatory filing on the Muscat Stock Exchange on Tuesday

The lenders expect the merger to be completed on August 17, 2023.

In November they agreed that HSBC Oman will be dissolved, and its shares cancelled. Its shareholders will be offered a consideration valuing HSBC Oman at 1.0X book value, and either Sohar International shares or a consideration in cash, not exceeding 70% of the total consideration.

(Writing by Brinda Darasha; editing by Seban Scaria)