HSBC Bank Oman, Sohar International Bank in merger

On completion of a merger, HSBC Oman will cease to exist as a legal entity and its shares will be cancelled.

DUBAI: HSBC Bank Oman and local rival Sohar International Bank have entered into a binding merger agreement, the two lenders say.

All assets and liabilities of HSBC Oman will be transferred to Sohar International, the banks said in two separate regulatory announcements, without disclosing the deal value.