3 June 2012
HSBC COMPLETES MERGER OF ITS OMANI OPERATIONS WITH OMAN INTERNATIONAL BANK
Further to the announcement on 18 April 2012, the Ministry of Commerce & Industry in Oman has formally approved the merger of Oman International Bank SAOG and the Oman operations of HSBC Bank Middle East Limited ('HSBC Oman'). HSBC Bank Middle East Limited ('HSBC') is an indirect wholly owned subsidiary of HSBC Holdings plc.
The merger has now completed and the combined entity, in which HSBC owns 51% and which begins operating today, is named HSBC Bank Oman SAOG ('HSBC Bank Oman'). Just prior to the merger, HSBC injected additional capital in cash from its internal resources into HSBC Oman.
With one of the largest branch networks in the Sultanate, HSBC Bank Oman will serve the needs of retail, corporate and institutional customers.
Simon Cooper, Deputy Chairman & Chief Executive Officer of HSBC Middle East & North Africa, has been appointed as Chairman of HSBC Bank Oman's seven-member Board of Directors, with each Director serving an initial three-year term:
Simon Cooper (Chairman)
Brigadier Waleed Omer Abdul-Monem Al Zawawi (Deputy Chairman)
Dr Juma Ali Juma Al Juma
Aimen Ahmed Sultan Al Hosni
Ewan Stirling has been appointed Chief Executive Officer of the combined entity.
The successful completion of this deal allows both existing customers and residents of Oman to benefit from the HSBC Group's international network and an even wider range of banking products and services.
Notes to editors:
1. HSBC in the MENA Region
HSBC is the largest and most widely represented international banking organisation in the Middle East and North Africa (MENA), with a presence in 14 countries across the region. HSBC has operations in the United Arab Emirates, Egypt, Qatar, Oman, Bahrain, Kuwait, Jordan, Lebanon, Pakistan, Algeria and the Palestinian Autonomous Area. In Saudi Arabia, HSBC is a 40% shareholder of Saudi British Bank (SABB), and a 49% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. In Iraq, HSBC holds a majority shareholding in Dar Es Salaam Investment Bank. HSBC also maintains a representative office in Libya.
This presence, the widest reach of any bank in the region, comprises some 273 offices and around 12,000 employees. In the full year 2011, HSBC in the MENA region made a profit before tax of US$1,492m.
2. HSBC in Oman
HSBC is the largest international bank operating in the Middle East, and Oman is an important market in the region for the bank. Oman has one of the most stable political, social and economic environments in the region, with a growing economy supported by a young population and significant investments in infrastructure.
3. HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,200 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. With assets of US$2,637bn at 31 March 2012, the HSBC Group is one of the world's largest banking and financial services organisations.