Muscat: Sohar International Bank SAOG (Sohar International) shareholders on Wednesday voted to approve merger with HSBC Bank Oman SAOG.
Following discussions which began in June 2022, both banks have been working closely on a proposed merger.
The shareholders of Sohar International Bank voted in favour of the merger with HSBC Bank Oman at the Extraordinary General Meeting (EGM) held on 20th June 2023. The shareholders of HSBC Bank Oman have also voted to approve the merger.
"We are working closely with HSBC Bank Oman to ensure a smooth process to minimize disruption, if any, to HSBC Bank Oman customers and, together, have set a tentative target date of 17th August 2023 as the date of completion of the merger. This timeline remains subject to all formal steps and actions being completed without any delays on account of factors beyond the control of Sohar International and HSBC Oman," a statement from Sohar Bank said.
On completion of the merger, HSBC Oman customers and employees will automatically transfer to Sohar International, and the existing HSBC Oman entity will be dissolved.
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