Oman International Bank, which is merging its operations with HSBC Holdings, said its shareholders approved exiting its businesses in India and Pakistan.
The shareholders approved “the closure, sale or other disposition of all of the bank’s branches and business in India and Pakistan on such terms as the board of directors may think fit,” according to a statement filed with the Muscat bourse.
HSBC said on April 18 it will invest US$97.4m in its HSBC Oman unit and hold 51 percent of the combined entity with Oman International Bank, which will be renamed HSBC Bank Oman SAOG. The new entity will become Oman’s second-biggest bank by branch network and customer deposits with almost US$6bn in assets.
Oman International Bank’s shares rose 1.3 percent to OMR0.232 today. They have declined 16 percent this year.