MUSCAT: In a disclosure to the Muscat Stock Exchange (MSX), Sohar International Bank SAOG and HSBC Bank Oman SAOG announced yesterday, August 20, 2023, the successful completion of their merger, effective August 17, 2023.
The merger was first announced on June 20, 2023, and has been completed following the approval of shareholders of both banks, as well as the relevant regulatory authorities.
As part of the merger, all rights, obligations, assets (including contracts and employees), and liabilities of HSBC Oman have been legally transferred to Sohar International as a going concern. HSBC Oman has been delisted from the Muscat Stock Exchange (MSX) and its commercial registration has been revoked. All shares of HSBC Oman have been cancelled.
The merger creates a stronger and more diversified banking group in Oman, with Sohar International now able to offer a wider range of products and services to its customers, and be better positioned to support the economic development of Oman.
At a bell-ringing ceremony hosted by MSX to mark the start of trading in shares of the merged entity, top officials came together at the stock market to celebrate the milestone. Present at the ceremony were Abdulsalam bin Mohammed al Murshidi, Chairman of the Oman Investment Authority (OIA), Mohammed bin Mahfoudh al Ardi, Chairman of the Board of Directors of the Muscat Stock Exchange, and Abdullah bin Salem al Salmi, Executive President of the Capital Market Authority, among other senior executives of Sohar International Bank.
Speaking at the event, Haitham al Salmi, CEO of MSX, commented: “The merger of the public shareholding companies will provide strong impetus to the banking and financial sector in Oman, while serving as an attractive investment opportunity and supporting the further diversification of the market’s investment offerings.” Post-merger, Sohar International issued capital has soared to RO 560 million, while the number of listed shares is set to reach about 5.5 billion shares owned by more than 6000 shareholders.
“We welcome Sohar International to the Muscat Stock Exchange as an economic entity in its new form that reflects the aspirations and goals of the bank's senior management to create a success story that represents a new journey to achieve greater achievements,” Al Salmi added.
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