04 June 2012
MUSCAT -- The first trading in the Muscat Stock Market (MSM) of HSBC Bank Oman will begin today using the ticker HBMO, but the banking process merger will be a slow process till the full merger which will be completed by the year-end.
"The merger will not affect both banks employees and there are no plans to release them because the new bank plans to grow and expand, furthermore, the HSBC has added RO 102 million to the bank and the OIB around RO 98 million, making the capital of HSBC Oman more than RO 200 million. This will help the bank to finance future projects in the Sultanate," said Shaikh Aimen bin Ahmed al Hosni, HSBC Board member at a press conference held at the MSM yesterday.
The new bank has plans to open more branches and to increase its capital so as to finance huge projects in the Sultanate.
Simon Cooper, Deputy Chairman & Chief Executive Officer 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), Brigadier Waleed Omer AbdulMonem al Zawawi (Deputy Chairman), Dr Juma Ali Juma al Juma, Aimen Ahmed Sultan al Hosni, Abdulfattah Sharaf, David Kotheimer and Francesca McDonagh.
Ewan Stirling has been appointed Chief Executive Officer of the combined entity.
Stirling said that HSBC will begin refurbishing branches, improving their look and feel as well as the overall banking experience for customers.
Further to the announcement on April 18, 2012, the Ministry of Commerce and Industry in Oman has formally approved the merger of Oman International Bank SAOG and the Oman operations of HSBC Bank Middle East Ltd (HSBC Oman). HSBC Bank Middle East Ltd (HSBC) is an indirect wholly owned subsidiary of HSBC Holdings plc.
The merger is now complete and the combined entity, in which HSBC owns 51 per cent and 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.
Dr Juma Ali Juma 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 are very much looking to the future of the company and the future of Oman as one."
Ewan Stirling, CEO of HSBC Bank Oman, added: "We are delighted to announce that this deal has been successfully closed. HSBC is deeply committed to the Omani market, we have been here since 1948 and you can be assured that we are 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. HSBC will begin refurbishing branches, improving their look and feel as well as the overall banking experience for customers.
Stirling added: "Customers do not need to take any action. While we are working hard to integrate these two significant companies, we are also making sure that our customers are not impacted and can continue to bank as usual. By December, customers will be issued with new cards and paying in books directly and can rest assured that this process will be seamless."
"Given the scale of the network, this process will take us some time, but when customers see their new branches we are confident that they will think it was worth it. The same dedicated teams will be there to serve you, as they always have done, but in a newer, fresher environment."
MUSCAT -- The first trading in the Muscat Stock Market (MSM) of HSBC Bank Oman will begin today using the ticker HBMO, but the banking process merger will be a slow process till the full merger which will be completed by the year-end.
"The merger will not affect both banks employees and there are no plans to release them because the new bank plans to grow and expand, furthermore, the HSBC has added RO 102 million to the bank and the OIB around RO 98 million, making the capital of HSBC Oman more than RO 200 million. This will help the bank to finance future projects in the Sultanate," said Shaikh Aimen bin Ahmed al Hosni, HSBC Board member at a press conference held at the MSM yesterday.
The new bank has plans to open more branches and to increase its capital so as to finance huge projects in the Sultanate.
Simon Cooper, Deputy Chairman & Chief Executive Officer 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), Brigadier Waleed Omer AbdulMonem al Zawawi (Deputy Chairman), Dr Juma Ali Juma al Juma, Aimen Ahmed Sultan al Hosni, Abdulfattah Sharaf, David Kotheimer and Francesca McDonagh.
Ewan Stirling has been appointed Chief Executive Officer of the combined entity.
Stirling said that HSBC will begin refurbishing branches, improving their look and feel as well as the overall banking experience for customers.
Further to the announcement on April 18, 2012, the Ministry of Commerce and Industry in Oman has formally approved the merger of Oman International Bank SAOG and the Oman operations of HSBC Bank Middle East Ltd (HSBC Oman). HSBC Bank Middle East Ltd (HSBC) is an indirect wholly owned subsidiary of HSBC Holdings plc.
The merger is now complete and the combined entity, in which HSBC owns 51 per cent and 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.
Dr Juma Ali Juma 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 are very much looking to the future of the company and the future of Oman as one."
Ewan Stirling, CEO of HSBC Bank Oman, added: "We are delighted to announce that this deal has been successfully closed. HSBC is deeply committed to the Omani market, we have been here since 1948 and you can be assured that we are 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. HSBC will begin refurbishing branches, improving their look and feel as well as the overall banking experience for customers.
Stirling added: "Customers do not need to take any action. While we are working hard to integrate these two significant companies, we are also making sure that our customers are not impacted and can continue to bank as usual. By December, customers will be issued with new cards and paying in books directly and can rest assured that this process will be seamless."
"Given the scale of the network, this process will take us some time, but when customers see their new branches we are confident that they will think it was worth it. The same dedicated teams will be there to serve you, as they always have done, but in a newer, fresher environment."
© Oman Daily Observer 2012
