HSBC to create new Omani bank through merger

Global banking giant HSBC has announced that the Oman branch of its Middle-Eastern subsidiary is to merge with the country's fifth-largest bank, Oman International Bank (OIB), in an attempt to expand its presence in a 'key Gulf economy'.

Global banking giant HSBC has announced that the Oman branch of its Middle-Eastern subsidiary is to merge with the country's fifth-largest bank, Oman International Bank (OIB), in an attempt to expand its presence in a 'key Gulf economy'.

HSBC Bank Middle East will retain a 51% interest in the new combined entity - to be called HSBC Bank Oman SOAG - and will inject additional capital of up to $97.4m cash into HSBC Oman.

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