Qatar-based Doha Bank has agreed to buy Indian operations of HSBC Bank Oman as it seeks to increase profits from overseas operations.
The board of Doha Bank has authorised the purchase and has called a shareholder meeting in November to approve the deal.
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Shareholders at the meeting will also be asked to approve the bank’s issuing of debt instruments of up to $2bn, with no single deal exceeding $750m, Doha Bank said in a statement.
The business being acquired consists of two branches and had gross assets of $58m as on 31 December 2013.
Doha Bank, which received the Reserve Bank of India’s approval to set up a branch in India in December last year, did not disclose the valuation of the deal.
Doha Bank has representative offices in Hong Kong, Shanghai, Singapore, Japan, Australia and South Korea and is seeking to have 50% of its total assets from international operations within the next five years.
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