MUSCAT: HSBC Bank Oman has announced to sell its banking business in Pakistan to Meezan Bank, a Sharia-compliant Pakistani lender.
The deal, which is subject to regulatory and other approvals, is expected to be completed during the second half of 2015, the bank said in a statement.
The business had one branch and gross assets of around $40 million as of March 31, it said. The sale, at a small discount to the net asset value of the business, will not materially impact the full-year profits of HSBC Bank Oman, it said. The bank is an indirect 51 percent-owned subsidiary of HSBC Holdings.
