Sohar International Board approves terms of merger with HSBC Oman

Muscat: Sohar International Bank SAOG Board approved terms of merger with HSBC Bank Oman S.A.0.G

In a disclosure to Muscat Stock Exchange the company said: “Further to the disclosures made on 16th June 2022, 26% July 2022, 16% November 2022, and 5″ February 2023, Sohar International Bank S.A O.G (Sohar International) would like to announce that, after due and careful consideration, its Board of Directors has approved the proposed merger by incorporation with HSBC Bank Oman S.A.0.G (HSBC Oman) 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 of Sohar International believes that the Merger is in the interests of the shareholders of Sohar International and has therefore approved the calling of an extraordinary general meeting of the shareholders of Sohar International (the EGM) to consider the Merger and to present the shareholders of Sohar International 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 Sohar International and HSBC Oman, 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.”