Doha Bank acquires HSBC Bank Oman business in India

Qatar-based Doha Bank has inked a deal with HSBC Bank Oman under which the former will acquire the banking business of the latter in India. HSBC Bank Oman is an indirect 51 per cent owned subsidiary of HSBC Holdings.

Talking to reporters, Chairman of Board of Directors of Doha Bank, Sheikh Fahad Bin Mohamed Bin Jabor Al Thani, said that all staff of this operation (the business) will be absorbed in Doha bank as a part of the deal.

"The business being acquired consists of its two branches and had gross assets of Rs 3.5 billion (about $58 million) as on 31.12.2013," he said.

Sheikh Fahad Thani also said that the transaction will be finalized only after receiving the approvals of Regulatory Authorities in Qatar, India, Oman and Jersey.

Doha Bank was incorporated in 1978 and it started its banking business in Doha, Qatar on March 15, 1979.