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OIB, HSBC unit merger given approval
Oman’s Ministry of Commerce and Industry has approved the merger of Oman In-ternational Bank,or OIB, and the Oman operations of HSBC Bank Middle East Limited, an indirect wholly-owned subsidiary of HSBC Holdings.
The merger is now complete and the combined entity, in which HSBC owns 51 per cent and began operating on Sunday, is named HSBC Bank Oman SAOG.
Simon Cooper, deputy chairman and CEO of HSBC Middle East and North Africa, has been appointed as chairman of HSBC Bank Oman’s seven-member board of cirectors, with each director serving an initial three-year term.
The other members are Brigadier Waleed Omer Abdul-Monem Al Zawawi (deputy chairman), Dr Juma Ali Juma Al Juma, Aimen Ahmed Sultan Al Hosni, Abdulfattah Sharaf, David Kotheimer and Francesca McDonagh. Ewan Stirling is the chief executive officer of the combined entity.
“This is great news for Oman and we are delighted that even more Omanis will be able to benefit from the international network we now have to offer,” Juma said. “While both companies have a proud heritage in Oman... with this merger, we are very much looking to the future of the company and the future of Oman as one.”
“We are delighted to announce that this deal has been successfully closed,” Stirling said. “HSBC is deeply committed to the Omani market, we have been here since 1948 and you can be assured that we are here to stay. This merger helps us rapidly grow our presence and provide our important Omani customers with an even wider range of banking products and services.”
OIB and HSBC branches will be re-branded as HSBC Bank Oman and would feature the HSBC red hexagon logo. It will trade on the Muscat Stock Market with effect from today using the ticker HBMO.
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