26 March 2012
Muscat: The board of Central Bank of Oman gave an 'in principle' approval for the proposed merger of Oman International Bank and HSBC Bank Middle East's Oman branches (HSBC Oman), provided the merger does not "conflict with the concerned laws in Oman".
The CBO did not give any other details on the proposed merger, including HSBC's equity holding in the merged bank. It appears that both banks will speed up the merger programme, which was first announced in October 2011.
The CBO board also approved an application of Oman Investment and Finance Company (OIFC) for forming a money exchange Company in Oman.
Further, the board has approved the application of Oman Investment & Finance Co. for increasing its stakes in both Bank Sohar and Tageer Finance Company from 9.9 per cent to 15 per cent.
The board also gave an in principle approval for increasing Oman's quota under IMF Articles of Agreement relating to Oman. This was agreed by the board of International Monetary Fund recently.
Muscat: The board of Central Bank of Oman gave an 'in principle' approval for the proposed merger of Oman International Bank and HSBC Bank Middle East's Oman branches (HSBC Oman), provided the merger does not "conflict with the concerned laws in Oman".
The CBO did not give any other details on the proposed merger, including HSBC's equity holding in the merged bank. It appears that both banks will speed up the merger programme, which was first announced in October 2011.
The CBO board also approved an application of Oman Investment and Finance Company (OIFC) for forming a money exchange Company in Oman.
Further, the board has approved the application of Oman Investment & Finance Co. for increasing its stakes in both Bank Sohar and Tageer Finance Company from 9.9 per cent to 15 per cent.
The board also gave an in principle approval for increasing Oman's quota under IMF Articles of Agreement relating to Oman. This was agreed by the board of International Monetary Fund recently.
© Times of Oman 2012
