HSBC to merge Oman business with local lender OIB

Associated Press + More

DUBAI, United Arab Emirates (AP) — HSBC's Middle East division says it is combining its Oman operations with Oman International Bank, and will own just over half of the combined company.

The London-based bank says it will inject up to $97.4 million into its existing operations ahead of the deal, which is expected to be completed by the end of June.

HSBC will control 51 percent of the combined bank, which will be named HSBC Bank Oman.

HSBC says OIB is Oman's fifth largest bank, with $3.2 billion in assets at the end of last year. It has the second largest number of branches in the Gulf country.

The sultanate of Oman is the top Arab oil exporter that is not part of OPEC.

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