Sohar International and HSBC Oman have entered into a binding agreement to undertake the necessary measures towards a merger by incorporation.
Upon completion of the process, all the assets and liabilities of HSBC Oman will be transferred to Sohar International and HSBC Oman will be dissolved, a release said.
Sohar International’s and HSBC Oman’s respective Boards of Directors have approved the proposed Merger and have called for Extraordinary General Meetings (EGMs) of their respective shareholders to consider the merger.
Both Boards of Directors believe that the merger is in the best interests of their respective shareholders. At the forthcoming EGMs, explanatory statements encompassing the terms of the merger will be presented, along with a recommendation that shareholders vote in favour of the merger and each of the EGM resolutions.
While the merger is subject to the approval of the relevant regulatory bodies, customers will not be unaffected immediately by the announcement. Both banks will continue to operate independently, providing a business-as-usual service until the merger is completed.
Further details regarding the date, time, and agenda of the EGM will be announced separately in due course, in accordance with applicable regulation.
Sohar International and HSBC Oman remain committed to transparency and will continue to update shareholders, customers, and stakeholders as the merger progresses.-- TradeArabia News Service