Muscat: The Central Bank of Oman (CBO) has approved the merger proposal submitted by HSBC Bank Oman and its local peer Sohar International Bank.
In written statements, the two banks announced on Sunday that they have received approval from the CBO for their proposed merger, disclosing that further announcements on material developments will be made as required.
“The merger, which is still subject to approval from other relevant regulatory entities as well as from the respective shareholders of the two bodies at their Extraordinary General Meetings, is expected to complete in the second half of 2023”, the two banks reported.
Meanwhile, the two Muscat-based banks had earlier entered into a binding merger agreement, by which all assets and liabilities of HSBC Bank Oman will be transferred to Sohar in a cash-and-shares deal.
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