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HSBC Bank Oman has completed the sale of its banking business in India to Qatar’s Doha Bank, an affiliate of HSBC Holdings.
HSBC Oman had reached an agreement with Doha Bank in April, 2014 to sell its India business, which had two branches with gross assets of INR3.5bn ($56.2m) as on 31December, 2013.
Shareholders of the Qatar-based lender had approved the purchase in December 2014 following the agreement between the two banks.
With the completion of the sale, all of the staffs employed in HSBC Oman’s Indian business will be transferred to Doha Bank.
Doha Bank Group CEO R. Seetharaman said: "India is registering a commendable more than 5% growth. There are bilateral synergistic opportunities between India and the Gulf states. GCC-India bilateral trade has grown to $170bn. We have 7.2 million non-resident Indians working in these countries who are remitting money."