MEEZAN BANK ANNOUNCES ACQUISITION OF HSBC OMAN’S PAKISTAN OPERATIONS

MUSCAT: Meezan Bank has acquired the Pakistan operations of HSBC Bank Oman. “We are pleased to announce that effective November 7, 2015, Meezan Bank has acquired the operations of HSBC Bank Oman’s Pakistan branch,” the largest Islamic bank in Pakistan said in a statement on its website on Friday.

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

Meezan Bank said the State Bank of Pakistan (the central bank) on October 28 sanctioned the scheme for amalgamation of HSBC Bank Oman’s branch business with and into Meezan Bank.

In June, HSBC Bank Oman entered into an agreement to sell its banking business in Pakistan to Meezan Bank through amalgamation. Talks between the two were initiated in November 2014. The value of the transaction, however, was not disclosed.

In March, HSBC Bank Oman completed the sale of its banking business in India to Qatar’s Doha Bank.

The Pakistan and India operations were run by Oman International Bank (OIB) and were picked up by HSBC Bank Oman following the merger of HSBC Bank Middle East’s Oman operations with OIB. Prior to the merger in 2012, a decision was taken by OIB to dispose of its operations in the two South Asian countries.

SOURCE: MUSCAT DAILY