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Muscat: Sohar Worldwide Financial institution SAOG (Sohar Worldwide) shareholders on Wednesday voted to approve merger with HSBC Financial institution Oman SAOG.
Following discussions which started in June 2022, each banks have been working intently on a proposed merger.
The shareholders of Sohar Worldwide Financial institution voted in favour of the merger with HSBC Financial institution Oman on the Extraordinary Normal Assembly (EGM) held on twentieth June 2023. The shareholders of HSBC Financial institution Oman have additionally voted to approve the merger.
“We’re working intently with HSBC Financial institution Oman to make sure a easy course of to reduce disruption, if any, to HSBC Financial institution Oman clients and, collectively, have set a tentative goal date of seventeenth August 2023 because the date of completion of the merger. This timeline stays topic to all formal steps and actions being accomplished with none delays on account of things past the management of Sohar Worldwide and HSBC Oman,” an announcement from Sohar Financial institution mentioned.
On completion of the merger, HSBC Oman clients and workers will robotically switch to Sohar Worldwide, and the prevailing HSBC Oman entity might be dissolved.
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