HSBC Bank Oman entered into an agreement to sell its banking business in Pakistan to Meezan Bank Limited through a scheme of merger. The indirect 51% owned subsidiary of HSBC Holdings noted that gross assets of the business to be sold amounts to about $40 million (PKR 4.1 billion). The transaction is projected to complete during the second half of 2015. The sale will be at a small discount to the net asset value of the business, and will not impact the full year profits of HSBC Bank Oman.
Meezan Bank is to acquire HSBC Bank Oman's banking business in Pakistan. The deal, which is still subject to regulatory and other approvals, is expected to be completed in the second half of 2015. The business had one branch and gross assets of around $40mn. It is an indirect 51% owned subsidiary of HSBC Holdings.