Banking & Finance
HSBC Oman sees $3mn hit from Pakistan sale
HSBC Bank Oman said on Sunday the sale of its banking business in Pakistan to Meezan Bank Ltd will negatively impact its overall performance, to the tune of US$3mn.
HSBC Bank Oman said on Sunday the sale of its banking business in Pakistan to Meezan Bank Ltd will negatively impact its overall performance, to the tune of US$3mn.
In a filing with the Muscat Securities Market (MSM), HSBC Bank Oman said the negative impact will be included in its consolidated results for the year ended December 31, 2015.
HSBC Bank Oman, an indirectly owned subsidiary of HSBC Holdings Plc, completed the sale of its banking business in Pakistan to Meezan Bank on Friday.
The total gross assets of HSBC Bank Oman’s Pakistan business, as of September 30, 2015, were 4.2bn Pakistani rupees (RO15.3mn), the bank disclosure said.
All customer accounts in HSBC Bank Oman’s Pakistan branch have been transferred to Meezan Bank. HSBC Bank Oman’s operation in Pakistan, which consisted of a single branch, is also being converted into Sharia’a-compliant mode, Meezan Bank said on Friday.
HSBC Bank Oman, an indirectly owned subsidiary of HSBC Holdings Plc, completed the sale of its banking business in Pakistan to Meezan Bank on Friday.
The total gross assets of HSBC Bank Oman’s Pakistan business, as of September 30, 2015, were 4.2bn Pakistani rupees (RO15.3mn), the bank disclosure said.
All customer accounts in HSBC Bank Oman’s Pakistan branch have been transferred to Meezan Bank. HSBC Bank Oman’s operation in Pakistan, which consisted of a single branch, is also being converted into Sharia’a-compliant mode, Meezan Bank said on Friday.
Continue Reading
Automotive1 day ago
Rolls-Royce Motor Cars Muscat Unveils New Luxury Showroom
Leaders Speak1 day ago
OERLive SPOTLIGHT: Oman Sustainability Week 2025 and Oman Petroleum & Energy Show
Automotive4 days ago
Suzuki Dzire 2025 Launched in Oman with a Bold New Look
Insurance4 days ago
Omani Company ‘Bima’ Touches the Edge of Space
Banking & Finance1 week ago
Alizz Islamic Bank Partners with Al Tawasul Institute for Specialised Training Programme to Empower Job Seekers with Hearing Impairments
Real Estate1 week ago
Alfardan Properties Launches Alfardan Living Privilege Programme and Alfardan Oyster Privilege Club
Digital1 week ago
Oman Achieves 6% Rise in 2024 Government Electronic, Mobile Services Maturity Index
Business1 week ago
St. Petersburg International Economic Forum 2025 unveils its Business Programme
Business1 week ago
Oman and Algeria sign an MoU to establish a Joint Investment Fund worth RO115.4mn
News2 weeks ago
Dar Global & The Trump Organization Launch Dubai’s New Icon, Trump International Hotel & Tower
Experts8 years ago
Power And Beyond: The Path To A Low-carbon Future
Economy6 years ago
Time to Buy Saudi Stocks? Some Investors Look at Dubai Instead
Real Estate6 years ago
Al Mouj Muscat unveils Ghadeer Villas
Environment6 years ago
Renewables are booming, but not fast enough to cap greenhouse emissions
Highlights5 years ago
Retail Abu Dhabi’s ‘Unbox Amazing’ generates sales of more than AED 2 billion in participating stores
Oman3 years ago
Hospitality Industry in Oman Estimated 90% Growth in 2022
Featured7 years ago
Saudis Sign Deals From Energy to Metals in Bid to Salvage Forum
Featured6 years ago
Saudi Arabia’s Gold Miner Plans to Be a Global Top-20 Supplier
Oil & Gas6 years ago
Technology to drive Sultanate’s downstream industry
OERLive TV9 months ago
H.E. Salim Al Aufi, Minister of Energy & Minerals talks about Oman’s Green Hydrogen Goals
Exclusive2 months ago
The Future of Oman: Decoding The Sultanate of Oman’s Strategic Promotional Nation Brand
Featured2 months ago
EXCLUSIVE: AI, Robotics & Wearable Sensors are Changing the Lives of Dementia Patients
Economy3 months ago
EXCLUSIVE: Talking Renewable Projects & Sustainability in Oman and Beyond with Vipul Tuli
Economy6 months ago
VIDEO: Eng. Salim Al Thuhli, CEO, Khazaen Economic City on Investment Opportunities
OERLive TV9 months ago
H.E. Salim Al Aufi, Minister of Energy & Minerals talks about Oman’s Green Hydrogen Goals
Interviews9 months ago
VIDEO: Talking Latest Developments in Aircraft Ground Guidance & More at Oman Airports
Energy10 months ago
VIDEO: Dr. Firas Al-Abduwani Discusses Green Hydrogen, Potential Regions for Development & Creating a Green Ecosystem
Leaders Speak10 months ago
VIDEO: Discussing The Future of Green Hydrogen in Oman with H.E. Salim Al Aufi
Technology10 months ago
Celebrating Infoline’s Remarkable 20-Year Journey
Energy2 years ago
OQ Gas Networks S.A.O.G Announces Intention To Float on the Muscat Stock Exchange
-
Economy2 months agoIs Gold a Good Investment in 2025? A Deep Dive into the Precious Metal’s Future
-
Alamaliktistaad Magazines2 months agoAl-Iktisaad, March 2025
-
OER Magazines2 months agoOER, March 2025
-
Automotive1 month agoSouth Korea Plans to Support Auto Sector with US$2B Following US Tariffs
-
News2 months agoNothing Phone 3a and 3a Pro launches in the Middle East
-
News1 month agoOman Oil Prices Witness Drop Amid Shifting Global Trade Dynamics
-
News1 month agoAligning HR Strategies with Oman Vision 2040: A Roadmap for Organisational Growth – OER Business Summit 2025
-
News2 months agoOmantel Partners with TeKnowledge to Enhance Employee Skills in AI & Data Science
You must be logged in to post a comment Login