HSBC Oman Board approves terms of merger with Sohar International

Muscat: HSBC Bank Oman SAOG Board approves terms of merger with Sohar International Bank SAOG

In a disclosure to Muscat Stock Exchange the company said: “Further to the disclosures made on 19t June 2022, 26% July 2022, 16″ November 2022 and 5″ February 2023, HSBC Bank Oman SAOG (HSBC Oman) would like to announce that, after due and careful consideration, its Board of Directors has approved the proposed merger by incorporation with Sohar International Bank SAOG (Sohar International) on the terms and conditions agreed in the Merger Agreement dated 15%” November 2022 (as amended from time to time) between HSBC Oman and Sohar International (the Merger).

The Board believes that the Merger is in the interests of the shareholders of HSBC Oman and has therefore approved the calling of an extraordinary general meeting of the shareholders of HSBC Oman (the EGM) to consider the Merger and to present the shareholders of HSBC Oman with an explanatory statement including the terms and conditions of the Merger, the recommendation of the Board to vote in favour of the Merger and each of the EGM resolutions and other supporting documents, as required by applicable regulations.

In addition to the approval of the respective shareholders of HSBC Oman and Sohar International, the Merger remains subject to the approval of relevant regulatory bodies. There will be no immediate change for customers as a result of today’s announcement. Both banks will remain independent and continue to operate a business as usual service until the Merger has completed.

A separate announcement will be made in relation to the date, time and agenda of the EGM in due course and in accordance with applicable laws.”