Muscat: Following discussions which began in June 2022, Sohar International and HSBC Oman have entered into a binding agreement to undertake the necessary measures towards a merger by incorporation, whereupon completion, all the assets and liabilities of HSBC Oman will be transferred to Sohar International and HSBC Oman will be dissolved (referred to as “the Merger”).

Today, on 30 May 2023, Sohar International and HSBC Oman are pleased to announce that their respective Boards of Directors have approved the proposed Merger and have called for Extraordinary General Meetings (EGMs) of their respective shareholders to consider the Merger. Both Boards of Directors believe that the Merger is in the best interests of their respective shareholders. At the forthcoming EGMs, explanatory statements encompassing the terms of the Merger will be presented, along with a recommendation that shareholders vote in favor of the Merger and each of the EGM resolutions.

While the Merger is subject to the approval of the relevant regulatory bodies, the immediate impact on customers will be unaffected by today’s announcement. Both banks will continue to operate independently, providing a business as usual service until the Merger is completed. Further details regarding the date, time, and agenda of the EGM will be announced separately in due course, in accordance with applicable regulation.

Sohar International and HSBC Oman remain committed to transparency and will continue to update shareholders, customers, and stakeholders as the Merger progresses. For any inquiries or additional information, please refer to the official sources of information, including the Muscat Securities Exchange and the Sohar International Corporate Website.