MSM City Brief - HSBC and OIB merge - re-named HSBC Bank Oman SAOG
Oman International Bank has entered into an agreement with HSBC Bank Middle East Ltd to merge OIB with HSBC’s Oman branch. Following the merger, HSBC will hold 51% of the combined entity which will be re-named HSBC Bank Oman SOAG. (MSM)
At the EGM, Oman Arab Bank SAOC (OAB), Ominvest’s banking subsidiary, has approved changing the legal status of the Bank from an SAOC to SAOG through an Initial Public Offering (IPO) of 25% of its outstanding issued share capital, representing 290 million shares. OMINVEST will be offloading 21% of OAB’s paid up capital while Arab Bank will be offering remaining 4%.National Securities is appointed as the Issue manager while Gulf International Bank as financial valuation advisor. (MSM)
Financial Services reported 1Q12 net profit of RO 114K against net loss of RO 660K, a year earlier. (MSM)
Muscat Finance reported 1Q12 net profit of RO 964 K compared to RO 910K , a year earlier .(MSM)
