Meezan Bank has agreed to acquire HSBC Bank Oman’s business in Pakistan for an undisclosed sum.

HSBC Bank Oman’s operations in Pakistan had one branch and gross assets of PKR4.1 billion ($40.29m) at the end of March 2015.

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The acquisition is expected to materialise in the second half of 2015 subject to regulatory approvals, Meezan Bank said in a stock market filing.

Meezan Bank, which currently operates 444 branches in Pakistan, also acquired Pakistan branch operations of HSBC Bank Middle East in October 2014.

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