The combined entity will henceforth be called HSBC Bank Oman, which has begun its operations after gaining assent from the sultanate’s Ministry of Commerce & Industry.
Simon Cooper, currently the chief executive of HSBC Middle East and North Africa has been appointed as the chairman of HSBC Bank Oman; while Ewan Stirling will serve as the chief executive officer.
Waleed Omer Abdul-Monem Al Zawawi has been named as the deputy chairman and was previously a director on the OIB board.
Additionally, two other members of OIB’s current board, including its chairman, Juma Ali Juma Al Juma, will also sit on the merged entity’s board.
Oman International Bank had gross assets of US$3.2 billion as at the end of December 2011, while HSBC Oman had gross assets of US$2.5 billion by December 2011.
Post-merger, HSBC will own 51% of the new entity.