HSBC subsidiary to sell stake in Indian banking business

16th Apr 2014 12:05

HSBC Bank Oman, which is an indirect 51 per cent-owned subsidiary of the FTSE 100 banking group HSBC, on Wednesday said it has agreed to sell its banking business in India to Doha Bank QSC. HSBC said all the employees at the business are expected to transfer to Doha as part of the deal. At the 2013 year-end, the Indian banking business had two branches and gross assets of around $58m. NR