Oman’s Ministry of Commerce and Industry has halted the merger of HSBC Oman and Oman International Bank ( OIB ) following an objection raised by an India-based businessman.
The order issued on May 16 by the Ministry of Commerce and Industry , Directorate-General of Commerce in Muscat, states that according to Article 13 bis 8 of Commercial Companies Law 4/74, the merger has been suspended unless the objection raised by the businessman is settled or withdrawn by him. Another option is that the said objection is overruled by a court order………………………………………..Full Article: Source