DUBAI: Qatar-based Doha Bank has entered into an agreement with HSBC Bank Oman to purchase the latter’s banking business in India. HSBC Bank Oman is an indirect 51% owned subsidiary of HSBC Holdings plc.

Chairman of Board of Directors of Doha Bank, Sheikh Fahad Bin Mohamed Bin Jabor Al Thani, said that all staff of this operation (the business) will be transferred to Doha bank as a part of the purchase.

“The business being acquired consists of its two branches and had gross assets of Rs 3.5 billion (about $58 million) as on 31.12.2013,” he said.

Sheikh Fahad Thani also said that the transaction is subject to the approvals of Regulatory Authorities in Qatar, India, Oman and Jersey. Doha Bank was incorporated in 1978 and commenced its banking business (including its International Banking services) in Doha, Qatar on March 15, 1979.