INDIA SALE NOT TO IMPACT BUSINESS: HSBC OMAN

MUSCAT: HSBC Bank Oman has said the financial impact of the sale of its India business is immaterial to the overall performance of the bank and will be included in the first quarter results.

The total gross assets of the business sold to Doha Bank stood at R3.4bn (RO21mn) as on March 31, 2015, HSBC Oman said in a disclosure to the Muscat Securities Market (MSM) on Monday.

“The financial impact of the sale of the India branches is immaterial to the overall performance of HSBC Bank Oman and will be included in the consolidated results of HSBC Bank Oman for the first quarter ended March 31, 2015, and these will be published on or before April 30, 2015, after approval by the board,” the statement said.

Last week, the Muscat-based bank announced the completion of the sale without disclosing the value of the transaction.

“Additionally, HSBC Oman will be announcing the preliminary unaudited results summary for the first quarter ended March 31, 2015, inclusive of the financial impact on sale of the India branches, prior to board approval, as mandated by the Capital Market Authority, on or before April 15, 2015,” the disclosure added.

Last month, international credit ratings agency Capital Intelligence affirmed Doha Bank’s financial strength rating at A, on a stable outlook, reflecting, among other factors, the business potential of its new operation in India.

SOURCE: Muscat Daily