Muscat: HSBC Bank Oman SAOG has received approval from the Central Bank of Oman (CBO) for its proposed merger with Sohar International Bank SAOG. The announcement came on Sunday morning through the official Twitter account of the Muscat Stock Exchange.

The merger deal is expected to be completed in the second half of 2023, as HSBC Bank Oman awaits approval from other relevant regulators and shareholders of the two banks.

Any substantial developments will be announced in due course.

What does merger of banks mean?

Merger of banks is often the union of two banks that merge into one entity under one management in an amicable and agreed upon manner.

If the method is not friendly and there is opposition in the merger negotiations from the board of directors of the merged bank, it is called an acquisition process. The acquisition process takes place by submitting purchase offers and getting approval from the other bank.

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