MUSCAT - Oman International Bank (OIB), which has announced a merger plan with HSBC Oman, proposes to either sell or close down its overseas branches in India and Pakistan.
The bank will seek permission from its shareholders for the same at an extraordinary general meeting (EGM) scheduled for May 9. OIB has five overseas branches - three in Pakistan and two in India.
The extraordinary general meeting will also consider a board proposal to issue 1.02 billion ordinary shares in the bank to HSBC Bank Middle East Limited in consideration of HSBC Oman being merged by incorporation into the bank.