HSBC OMAN SEES $3MN HIT FROM PAKISTAN SALE

MUSCAT: HSBC Bank Oman said on Sunday the sale of its banking business in Pakistan to Meezan Bank Ltd will negatively impact its overall performance, to the tune of US$3mn.

In a filing with the Muscat Securities Market (MSM), HSBC Bank Oman said the negative impact will be included in its consolidated results for the year ended December 31, 2015.

HSBC Bank Oman, an indirectly owned subsidiary of HSBC Holdings Plc, completed the sale of its banking business in Pakistan to Meezan Bank on Friday.

The total gross assets of HSBC Bank Oman’s Pakistan business, as of September 30, 2015, were 4.2bn Pakistani rupees (RO15.3mn), the bank disclosure said.

All customer accounts in HSBC Bank Oman’s Pakistan branch have been transferred to Meezan Bank. HSBC Bank Oman’s operation in Pakistan, which consisted of a single branch, is also being converted into Sharia’a-compliant mode, Meezan Bank said on Friday.

SOURCE: MUSCAT DAILY