Doha Bank shareholders approve India assets buy

NEW DELHI: Qatar-based Doha Bank today said it has obtained shareholders' approval for acquiring the Indian operations of HSBC Bank Oman.

"The Extra Ordinary General Assembly meeting of the shareholders of Doha Bank has unanimously approved the scheme of amalgamation...to take over the business of India Operations of HSBC Bank Oman S.A.O.G on a going concern basis by Doha Bank Q.S.C, India," Doha Bank said in a statement on its website.

The resolution was passed in the Extra Ordinary General Assembly meeting that took place on November 30, 2014.

However, the bank did not provide the financial details of the transaction.

Earlier in September this year, Doha Bank had approved the amalgamation to "take over and combine" the banking operations of HSBC Bank Oman S.A.O.G, India, with Doha Bank Q.S.C, India operation.

Late last year Doha Bank had secured licence from the Reserve Bank of India (RBI) to commence banking operations in India and has been permitted to open a branch in Mumbai to provide full-scale banking services.