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.
Most Popular
1
Apple sells 10 million new iPhones during the first weekend Apple sells 10 million new iPhones during the first weekend
2
Starbucks testing a latte that tastes like beer Starbucks testing a latte that tastes like beer
3
Iran could retool pipeline for Pakistan Iran could retool pipeline for Pakistan
4
Iraq relying on oil wealth from Basra Iraq relying on oil wealth from Basra
5
Arctic oil bound for Europe, Gazprom Neft says Arctic oil bound for Europe, Gazprom Neft says
Trending News
Video
x
Feedback