HSBC Oman, Sohar International Bank agree on merger

HSBC Bank Oman and local rival Sohar International Bank have entered into a binding merger agreement, the two lenders said on Wednesday. All assets and liabilities of HSBC Oman will be transferred to Sohar International, the banks said in two separate regulatory announcements, without disclosing the deal value. On completion of a merger, HSBC Oman will cease to exist as a legal entity and its shares will be cancelled, the banks said.