Doha Bank has completed purchase of HSBC Bank Oman's assets in India, and taken over operations of its two branches in Mumbai and Kochi.
Doha Bank Board of Directors Chairman Sheikh Fahad bin Mohamed bin Jabor Al-Thani said, "The process of amalgamation of India operations of HSBC Bank Oman have been completed as at close of business on March 31." Doha Bank has taken over the operations of HSBC Bank Oman’s branches at Raheja Centre in Mumbai, Maharashtra and Kochi, Kerala, he said.
Regulatory authorities Qatar Central Bank, Central Bank of Oman and Reserve Bank of India approved the amalgamation as per norms, he added.
Shareholders of Doha Bank, Qatar's fifth-largest lender by assets, approved the purchase in December 2014 after the two banks agreed for the sale last April.