close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

HSBC’S Oman unit merger halted after creditor suit

HSBC Middle East

Oman has temporarily halted a merger between HSBC's operations in the Gulf Arab state and Oman International Bank due to a lawsuit against the British lender, a source familiar with the matter said on Thursday.

0

May 26, 2012 3:21 by



Oman has temporarily halted a merger between HSBC’s operations in the Gulf Arab state and Oman International Bank due to a lawsuit against the British lender, a source familiar with the matter said on Thursday.

HSBC, Europe’s biggest bank, said in April it will merge its Omani business with OIB and retain a 51-percent stake in the enlarged operation.

Oman’s Ministry of Commerce and Industry issued an order temporarily suspending the merger until the lawsuit filed by businessman is settled or withdrawn, local newspaper Times of Oman, reported earlier on Thursday.

The businessman has a compensation claim of 2 million riyals ($5.20 million) against the bank, according to the newspaper, and filed an objection with the ministry, citing the ongoing legal case.

“Any objection in Oman has to be heard by the court for validity. That’s the reason the ministry issued a temporary halt,” the source said, speaking on condition of anonymity.

HSBC declined to comment.

OIB is Oman’s fifth-largest bank, with the second-largest branch network in the country and gross assets of $3.2 billion. The merger was slated to close in the second quarter and HSBC was planning to inject additional capital of up to $97.4 million from internal resources into HSBC Oman, as part of the deal.

HSBC is pulling back from countries where it is unprofitable or lacks scale, and restructuring operations elsewhere, and has been reviewing its Middle Eastern operations.



0

Tags: , , , ,

Leave a Comment