Pakistan-based lender Meezan Bank has completed the acquisition of HSBC Bank Oman’s Pakistan banking business.
HSBC Oman’s Pakistan operations is 51% owned by HSBC Holdings, and includes a single branch. As of the end of the first quarter of 2015, the bank managed gross assets worth PKR4.1bn.
Upon the takeover, the entire operations of HSBC Oman Pakistan are being converted into a Shariah-compliant mode under the supervision of the bank’s shariah supervisory board.
Also, all customer accounts in the Pakistan branch of HSBC Bank Oman have been transferred to Meezan Bank.
The latest move makes Meezan Bank the only lender to have purchased three foreign banks in Pakistan.
Meezan Bank commenced commercial banking operations in 2002 with the purchase of Societe Generale Pakistan. The bank had also acquired the Pakistan operations of HSBC Bank Middle East in October 2014.