Sohar International and HSBC Oman Board of Directors Announce Approval of Proposed Merger

Following extensive discussions that commenced in June 2022, Sohar International and HSBC Oman entered into a binding agreement to initiate the necessary procedures for a merger by incorporation. This entails the transfer of all assets and liabilities from HSBC Oman to Sohar International, ultimately resulting in the dissolution of HSBC Oman (referred to as the "Merger").

On 30 May 2023, Sohar International and HSBC Oman jointly announced that their respective Boards of Directors have given their approval for the proposed Merger and the convening of Extraordinary General Meetings (EGMs) for their respective shareholders to deliberate on the Merger in compliance with applicable regulations.

Both Boards of Directors believe that the Merger is in the best interests of their respective shareholders. During their respective EGMs, comprehensive explanatory statements will be provided, outlining the terms of the Merger and a recommendation for shareholders to vote in favor of the Merger and each of the EGM resolutions.

For further details, you can access our official statement on the Muscat Stock Exchange website.

In terms of immediate impact, there will be no changes for customers at this stage. Both banks will continue to operate independently, delivering business as usual services until the Merger is successfully concluded.

The completion of the Merger is contingent upon approvals from relevant regulatory bodies and the respective shareholders of both banks at their respective Extraordinary General Meetings. It is anticipated that the Merger will be finalized in the second half of 2023.

Further information regarding the date, time, and agenda of the EGM will be communicated separately and in accordance with applicable regulations.