Bloomberg News

Oman International in Talks to Merge HSBC’s Oman Operations

October 06, 2011

(Updates with HSBC comment in second paragraph)

Oct. 6 (Bloomberg) -- HSBC Holdings Plc is in talks to merge its operations in Oman with Oman International Bank SAOG, the Gulf country’s fifth-biggest bank by assets.

“These discussions are at a preliminary stage,” HSBC, Europe’s biggest bank, said today in a statement.

HSBC in August said it would eliminate 30,000 jobs by the end of 2013, pulling back from some countries, to help control costs. The London-based bank agreed in July to sell its upstate New York branch network, comprising almost half its U.S. outlets, to First Niagara Financial Group Inc. and said it will close its 10 branches in Poland.

HSBC offers retail and corporate banking services in Oman. Its Middle East unit plans to cut 200 jobs in six countries in the region, according to a memo sent to employees on Sept. 8.

--Editors: Jon Menon, Steve Bailey

To contact the reporters on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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