British lender HSBC Holdings Plc (HBC, HSBA.L) said Monday it has completed the merger of its indirect wholly-owned Oman operations, HSBC Bank Middle East Ltd., with local lender Oman International Bank SAOG. The combined entity, named HSBC Bank Oman SAOG, is 51 percent owned by HSBC.
With the merger, HSBC intends to serve retail, corporate and institutional customers in Oman. HSBC Bank Oman will begin its operations Monday and Ewan Stirling has been named its chief executive officer. He is currently CEO of HSBC Oman at HSBC.
Simon Cooper, deputy chairman and chief executive officer of HSBC Middle East & North Africa, has been appointed as Chairman of the new firm's seven-member board of directors, with each director serving an initial three-year term.
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