facebook
twitter
rss
account
search
search
 

Banking merger halted in Oman

May 24, 2012 at 4:28 PM   |   Comments

MUSCAT, Oman, May 24 (UPI) -- Oman's Ministry of Commerce and Industry halted HSBC Oman bank's merger with Oman International Bank following an objection by a businessman, officials said.

The Times of Oman reported Thursday minutes from the Ministry of Commerce and Industry and Directorate-General of Commerce indicated the merger would not go through until the objection had been resolved.

The Times of Oman quoted Salem Khan as saying his 5-year-old dispute with HSBC Oman involved his garment business but refused to release details of the case for legal reasons.

HSBC Bank Middle East -- a wholly owned subsidiary of HSBC Holdings -- announced in April it would merge HSBC Oman operations with OIB, retaining 51 percent of new combined entity. The Times of Oman said the merger had been expected to be completed by the end of June.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
2
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
3
Pizza Hut hoping the "Skinny Slice" will mean big bucks
4
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
5
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
Trending News
Video
x
Feedback