HSBC is to merge its business in Oman with Oman International Bank (OIB) and hold a majority stake in the enlarged operation, Europe's biggest bank said on Wednesday.
HSBC will hold 51 percent of the combined group, to be named HSBC Bank Oman SOAG. OIB is Oman's fifth largest bank with the second largest branch network in the country, with gross assets of $3.2 billion.
HSBC is pulling back from countries where it is unprofitable or lacks scale and restructuring operations elsewhere, and has been reviewing its Middle Eastern operations.
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