HSBC Oman to sell overseas branches

HSBC Bank Oman aims to identify buyers for five overseas branches of erstwhile Oman International Bank (OIB) in India and Pakistan, a senior official of the bank told 'Times of Oman'. OIB has five overseas branches three in Pakistan and two in India. "We are hoping to identify buyers by the end of the year, a challenging timeline, given the number of parties involved and the need for regulatory approval in both countries," said Ewan Stirling, chief executive of HSBC Bank Oman. Stirling also added that the process to sell overseas branches was decided prior to HSBC's merger with OIB. He further explained that in India, there is a limit of the number of branches that a foreign bank is permitted to control. HSBC Bank Oman, which has approximately 400,000 customers on the retail side and 10,000 on commercial side, has a strong network of 88 branches spread across the Sultanate. Times Of Oman