HSBC Oman and Sohar International Bank said on Wednesday that they had concluded a binding integration agreement.
The banks said in two separate organizational announcements that all HSBC Oman’s assets and obligations will be transferred to Sohar International, without revealing the value of the deal.
They added that HSBC Oman will be solved as a legal entity when the integration process will be completed and its shares will be canceled.
HSBC Oman said in a disclosure to the stock exchange that the interview that will be offered to each shareholder will be like the book value, “provided that the interview will be shares in Sohar International Bank, with the possibility that the shareholders of HSB SPA choose Oman.
In contrast, in cash, provided that the maximum of the monetary exchange that Sohar International Bank is paid to shareholders at HSBC Amman, who chose to receive the exchange in cash, 70% of the total return due by the Sohar Bank of Sohar.
The shares of Sohar International, which will be part of the compensation offered to the bank’s shareholders, will establish a book value.
With this decision, HSBC Oman and Dahr International will join other banks in the neighboring Gulf countries in strengthening their operations.
The National Commercial Bank, the largest banks of the Kingdom of Saudi Arabia, merged with its smaller rival Samba Financial Group in 2021 to form the Saudi National Bank with assets of more than 240 billion dollars.
Abu Dhabi also witnessed two large bankers..
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