Meezan Bank gets SBP nod to acquire HSBC Oman

KARACHI: The State Bank of Pakistan (SBP) has granted approval to Meezan Bank Limited to proceed with the proposed amalgamation of HSBC Bank Oman-Pakistan operations.
The in principle approval to proceed with completing the amalgamation formalities may not be construed as final approval for the proposed merger of HSBC Oman with and into Meezan Bank Limited, a bourse filing said.
Owned 51 percent by HSBC Holdings, HSBC Bank Oman’s operations in Pakistan consist of only one branch. At the end of the first quarter of 2015, the bank had gross assets amounting to Rs4.1 billion.
HSBC Bank Oman currently operates in Oman, India and Pakistan. It decided in 2012 to sell-off its India and Pakistan operations. It signed an agreement to sell its banking business in India to Doha Bank QSC in April last year, it said.
Separately, HSBC Oman announced in November that it was in discussion with the Meezan Bank regarding the possible sale of its operations in Pakistan.
Earlier, Meezan Bank also acquired Pakistan branch operations of HSBC Bank Middle East in October. An indirect, wholly-owned subsidiary of HSBC Holdings, HSBC Bank Pakistan consisted of as many as 10 branches and had the total assets of Rs48 billion at the end of 2013.