Bloomberg News

Oman International Rises After HSBC Merger Report

May 29, 2012

(Corrects date of board meeting in third paragraph.)

Oman International Bank SAOG (OIBB) climbed to the highest in a month after Al Watan newspaper said the bank’s merger with HSBC Holdings Plc (HSBA)’s operations in the Persian Gulf country is on schedule.

The shares gained 1.7 percent to 0.238 rial, the highest level since April 30, at 12:47 p.m. in Muscat. The benchmark MSM30 Index (MSM30) advanced 0.9 percent.

The Muscat-based bank will elect a new board of directors May 31, the newspaper said, without saying how it obtained the information. Oman’s Ministry of Commerce and Industry had halted the merger after a lawsuit, Times of Oman reported last week.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

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


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