(MENAFN- Muscat Daily) HSBC Bank Oman confirmed on Sunday that it is in talks with Meezan Bank Ltd on the possible sale of its operations in Pakistan.
In a filing to the Muscat Securities Market HSBC Oman said these discussions are at a preliminary stage and may or may not lead to a sale.
'Any sale would be subject to amongst other things appropriate regulatory approvals Further announcements will be made if or when necessary' the bank added.
HSBC Bank Oman operates two branches in Pakistan located in Karachi and Lahore.
Meezan Bank in a filing to the Karachi Stock Exchange on Saturday said its management is in discussion with HSBC Bank Oman for evaluating the transaction.
Meezan Bank said the State Bank of Pakistan the country's central bank has given its permission to undertake due diligence for the purpose.
The Pakistani bank added that the discussions are at a preliminary stage and may or may not lead to a purchase. 'It is intended that as and when commercial understanding is reached to take the transaction further the management of Meezan Bank will make the appropriate recommendation to and seek the
approval of the board before entering into any binding offer agreement.'
Meezan Bank is the first and largest Islamic bank in Pakistan and one of the fastest growing banks in the country.
In October Meezan Bank acquired the operations of HSBC Pakistan including ten branches. The acquisition added incremental deposits of 22bn rupees (RO83.3mn) to Meezan Bank.
In September Doha Bank agreed to acquire HSBC Oman's operations in India.
The Qatari bank's board approved the combination of HSBC Oman's India operations with Doha Bank's India unit the lender said in a release posted on the Qatar Exchange website. Financial details weren't disclosed.
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