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FINANCIAL NEWS
Doha Bank acquires HSBC Bank Oman’s India operations
01 Oct 2014
(MENAFN) Doha Bank announced it has acquired HSBC Bank Oman’s operations in India as part of the Qatari bank expansion plans in Asia in order to counter its diminishing margins at home, by combining HSBC Oman’s India operations with Doha Bank’s India unit, Times of Oman reported.
Through this deal, Doha Bank seeks to boost its profits from overseas operations to as much as 30 percent of net income by next year, compared to 10 percent in 2013, as well as by opening representative offices in Hong Kong, Shanghai, Singapore, Japan, Australia and South Korea.
Meanwhile, HSBC Bank Oman, which was formed after the merger of Oman International Bank and HSBC bank’s Oman operations, has two branches in India, said it posted a net profit of USD 14.76 million for the January-June period of 2014.
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