Dubai: Qatar-based Doha Bank has agreed to buy HSBC Bank Oman's business in India that has gross assets of Rs.350 crore ($58 million).
"Doha Bank has entered into an agreement with HSBC Bank Oman (HSBC Oman), an indirect 51 percent owned subsidiary of HSBC Holdings, to purchase the banking business of HSBC Bank Oman in India," Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al Thani said in a statement.
The business being acquired consists of its two branches and had gross assets of Rs.350 crore (approx $58 million) as at March 31, 2013, he said.
According to the statement all the staff of HSBC Bank Oman in India will be transferred to Doha bank as part of the purchase.
The transaction is subject to the approvals of regulatory authorities in Qatar, India, Oman and Jersey.
Comments
| Quick linksNews
National
International
Regional
Politics
Education & Career
Business
Science & Technology
Health
Views & Analysis
The Funny Side
© 2012 Awaz Multimedia & Publications. All rights reserved.
Narendra Modi 'man of destruction', colleague Uma Bharti says in a videoApart from accusing Modi of having a dictatorial attitude, the video also shows Uma Bharati pointing out gross anomalies that were deliberately introduced to tamper the statistics of the Gujarat government related to the count of people living below poverty line ...... More
Also Read: Varanasi will not be a cakewalk for Narendra Modi
Arvind Kejriwal most popular Indian leader in PakistanThe equations are useful in academic and economic spheres as they may be used to model the weather, ocean currents, water flow in a pipe and air flow around a wing. They describe the ..... More
This is a very significant development because the leaders of the 11 parties have indicated that individual parties can go in for seat arrangements in their respective states. Right now they together have 92 seats in the current Lok Sabha. .... More
In a letter dashed to Union Home Minister Sushilkumar Shinde Thursday a local NGO asserted that Reliance Industries Chief Mukesh Ambani had grabbed Waqf land by fraudulent means and urged the minister to initiate a high-level enquiry by Central Bureau of Investigation (CBI) against Ambani and others involved in the case.. ... More
Also Read: Shame on Ambani who occupied land of orphans: Asaduddin