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 HSBC Bank Oman S.A.O.G. agrees to sell its business in India

 

HSBC Bank Oman S.A.O.G., an indirect 51% owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its banking business in India (the 'Business') to Doha Bank QSC ('Doha Bank'). All employees in the Business are expected to transfer to Doha Bank as part of the sale. At 31 December 2013, the Business to be sold had two branches and gross assets of INR3.5bn (approximately US$58m).

The transaction, which is subject to shareholders’  and regulatory approvals, is expected to complete during the second half of 2014.