Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani said his bank has entered into an agreement with HSBC Bank Oman (HSBC Oman), an indirect 51% owned subsidiary of HSBC Holdings plc, to purchase the banking business of HSBC Bank Oman in India.
He added that all staff of this operation would be transferred to Doha Bank as a part of the purchase. The business being acquired consists of its two branches and had gross assets of Rs3.5bn (nearly $58mn) as on December 31, last year.
Sheikh Fahad also stated that the transaction was subject to the approvals of regulatory authorities in Qatar, India, Oman and Jersey.
