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Islamic Finance Briefing - Categorized | Banking, Market Moves more

HSBC Oman, OIB merger ‘halted’ in Oman

Posted on 25 May 2012

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Companies Law 4/74, the merger has been suspended unless the objection raised by the businessman is settled or withdrawn by him.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

 
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