HSBC Oman to hold talks on possible merger offer from Sohar International Bank | Reuters
HSBC Bank Oman (HBMO.OM) said on Sunday it would hold preliminary talks with local rival Sohar International Bank (BKSB.OM) after the latter last week held out the possibility of a cash-and-shares deal to merge the two lenders.
In a statement the unit of UK-based HSBC Holdings (HSBA.L) said it had considered the letter of intent it received from Sohar and had agreed to engage in preliminary discussions to obtain more information on the possible offer.
"If the parties agree to proceed with the merger, it will be subject to various conditions including ... approval of the relevant regulatory authorities and of the shareholders at the extraordinary general assembly of each bank," it added.
Sohar has so far given no details of the terms of its possible offer, saying only that its board had decided to explore the possibility of a cash and shares deal, subject to various approvals.
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