Merger between Oman International Bank (OIB) and HSBC Oman to create one of the largest banks in Oman is almost complete with the re-election of a seven-member board, with four nominees from HSBC, on Thursday.
The merged entity, called HSBC Bank Oman, will be in place, once it is registered with the Ministry of Commerce and Industry, which is a normal procedure in such mergers. Also, the legal case filed by an Indian businessman against HSBC will not affect the merger, top-level officials of both banks told 'Times of Oman'.
Dr Juma Ali Juma Al Juma, board member of the bank, said the merged entity (which is operating in Oman) will take care of any such liabilities, arising from litigations under the law. Since banks are engaged in accepting deposits and lending money, such litigations are common in the financial sector.
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