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HSBC Bank Oman agrees to sell Pakistan business to Meezan Bank
Owned 51% by HSBC Holdings, HSBC Bank Oman’s operations in Pakistan consist of only one branch. At the end of the first quarter of 2015, the bank had gross assets amounting to Rs4.1 billion. The acquisition is expected to materialize in the second half of 2015 subject to regulatory approvals.
HSBC Bank Oman currently operates in Oman, India and Pakistan. It decided in 2012 to sell off its India and Pakistan operations. It signed an agreement to sell its banking business in India to Doha Bank QSC in April last year. Separately, HSBC Oman announced in November that it was in discussion with Meezan Bank regarding the possible sale of its operations in Pakistan.
Earlier on, Meezan Bank also acquired Pakistan branch operations of HSBC Bank Middle East in October. This resulted in all customers of HSBC Pakistan automatically becoming customers of Meezan Bank.
An indirect, wholly owned subsidiary of HSBC Holdings, HSBC Bank Pakistan consisted of as many as 10 branches and had total assets of Rs48 billion at the end of 2013.
Meezan Bank stated at the time it intended to make the operations of HSBC Shariah-compliant while ensuring that the existing customer base continued to receive uninterrupted banking services.
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