Oman International Bank (OIB) is eyeing up
a possible merger with the Oman business unit of HSBC.

HSBC is currently
reviewing the extent of its Middle Eastern-based business
operations, in particular its operations in Qatar, Jordan, Lebanon
and Bahrain.

In a statement released
on 7 October, Ali Juma, chairman of OIB, said:

“OIB is in early stage
negotiations about a merger of its business with HSBC’s Oman

“We are not discussing
buying HSBC’s business in Oman. If the negotiations proceed to an
agreement, it will lead to a merger”

OIB is Oman’s fifth
largest bank by assets, and HSBC is number six.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

OIB currently operates a
retail banking branch network of 81 outlets.

HSBC has 5 full service
branches in addition to 3 customer service units in

“Combined, they would have
the scale to be a leading player in the fast-growing Omani banking
market,” added Juma.

For the six months to 30
June, OIB posted a net profit of OMR8.38m ($21.75m), down 10.4%

OIB’s retail banking
division recorded a profit before tax of OMR5.58m, flat compared
with the same period a year ago.