HSBC Bank Oman agrees to sell Pakistan business to Meezan Bank
4
DUBAI: HSBC Bank Oman has agreed to sell its banking business in Pakistan to Meezan Bank , a sharia-compliant Pakistani lender, it said on Sunday.
The deal, which is subject to regulatory and other approvals, is expected to be completed during the second half of 2015, the bank said in a statement.
The business had one branch and gross assets of around $40 million as of March 31, it said.
Also read: HSBC to axe 50,000 jobs in radical overhaul
The sale, at a small discount to the net asset value of the business, will not materially impact the full-year profits of HSBC Bank Oman, it said.
The bank is an indirect 51 percent-owned subsidiary of HSBC Holdings.
Read more
On DawnNews
Comments (4) Closed
Jun 28, 2015 03:05pm
Will it affect full year profit of Meezan bank?
Recommend
0
Jun 28, 2015 05:48pm
@Aftab Alam Khan: Profits of Meezan Bank may be effected in a small way during the current fiscal period but most of it will be off-set by add-on profitable revenue
Recommend
0
Jun 28, 2015 08:24pm
Another international firm exiting from Pakistan. Is something big which we are not aware of?
Recommend
0
Jun 28, 2015 10:04pm
Is it good or bad for Pakistan?
Recommend
0
