HSBC Oman Shareholder Raises Stake To 25 Pct

One of Oman’s richest businessmen has increased his shareholding in HSBC Oman, the country’s second largest bank by market value, to 25 percent, a statement to the Omani bourse said.

“The Capital Market Authority has approved the request of Mr. Omar Al Zawawi to increase his ownership percentage in HSBC Oman from 18.39 percent to 25 percent,” said the statement, released on Monday.

Zawawi controls Oman International Development and Investment Co (Ominvest), a diversified group of companies which has a 51 percent stake in Oman Arab Bank.

OAB has long been expected to list its shares on the Omani exchange but an initial public offer has yet to take place.

HSBC Oman was created earlier this year through a merger of the Omani assets of HSBC and Oman International Bank.

Reuters