Doha Bank Agrees to Purchase HSBC Bank Oman Business in India

Press release

Published April 17th, 2014 - 07:21 GMT

Al Bawaba

H. E Sheikh Fahad Bin Mohamed Bin Jabor Al Thani – Chairman of Board of Directors of Doha Bank has informed that Doha Bank has entered into an agreement with HSBC Bank Oman, an indirect 51 per cent owned subsidiary of HSBC Holdings plc, to purchase the banking business of HSBC Bank Oman in India.

He further added that all staff of this operation (the business) will 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 INR 3.5 Billion (approx. USD 58 million) as at 31.12.2013.

H. E Sheikh Fahad Bin Mohamed Bin Jabor Al Thani also stated that the transaction is subject to the approvals of Regulatory Authorities in Qatar, India, Oman and Jersey.

Background Information

Doha Bank

Inaugurated in 1979, Doha Bank provides domestic and international banking services for individuals, commercial, corporate and institutional clients through four business groups – Wholesale Banking, Retail Banking, International Banking and Treasury & Investments.

Doha Bank has established overseas branches in Kuwait, Dubai (UAE), Abu Dhabi (UAE), Mumbai, Chennai and Kochi (India) as well as representative offices in Japan, China, Singapore, Hong Kong, South Africa, South Korea, Australia, Turkey, the United Kingdom, Canada, Germany, Bangladesh, Sri Lanka and Nepal.

Company Profile

HSBC

HSBC is one of the largest banking and financial services organisations in the world, with operations in 66 countries and territories. We aim to be where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.