Sohar International Bank SAOG (MSM:BKSB) entered into letter of intent to acquire HSBC Bank Oman S.A.O.G. (MSM:HBMO) on June 19, 2022. As on July 25, 2022, Sohar and Oman entered into non-binding memorandum of understanding. As on November 16, 2022, Sohar and Oman entered into definitive agreement.

The transaction is subject to due diligence, entry into definitive agreements, in addition to obtaining final approvals from the banks' respective Boards, Regulators and Shareholders. The transaction is expected to close in the second half of 2023. Moelis & Company (NYSE:MC) acted as exclusive financial advisor to HSBC Middle East Holdings B.V. Mohammed Al-Shukairy of Clifford Chance LLP (UAE) acted as legal advisor to HSBC Middle East Holdings B.V. As of February 5, 2023.

HSBC Bank Oman SAOG would like to announce that it has received approval from the Central Bank of Oman for its proposed merger with Sohar International Bank SAOG. As of May 30, 2023, HSBC Bank Oman SAOG Board approves terms of merger with Sohar International Bank SAOG. Citigroup Global Markets Inc. acted as financial advisor to Sohar International Bank SAOG (MSM:BKSB).

George Karafotias and Omar Alkaffas of Shearman & Sterling represented Citigroup as financial advisor to Sohar International Bank SAOG (MSM:BKSB).