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

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

 

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 Pakistan (the 'Business') to Meezan Bank Limited ('Meezan') through a scheme of amalgamation under the Pakistan Banking Companies Ordinance, 1962.  At 31 March 2015, the Business to be sold had one branch and gross assets of PKR4.1bn (approximately US$40m).

The transaction, which is subject to regulatory and other customary approvals, is expected to complete during the second half of 2015.

The sale, which will be at a small discount to the Net Asset Value of the business, will not materially impact the full year profits of HSBC Bank Oman SAOG.