CCI approves proposed transfer of HSBC Oman's banking business in India to Doha Bank

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According to a PTI report on Friday, fair trade regulator the Competition Commission of India (CCI) has given the green signal to the proposed transfer of HSBC Oman's banking business in India to Doha Bank.

The CCI is of the view that the proposed takeover deal between the Qatar- based bank and HSBC Oman's India banking business will not have an adverse impact on competition in Asia's third biggest economy.

HSBC Oman is part of UK-based HSBC Holdings which has interests in worldwide banking companies.

The CCI in an order released on Friday said "the proposed combination is not likely to have an appreciable adverse effect on competition in India. Further, none of the parties to combination is stated to be engaged in any activity that is vertically related to the activity carried on by the other party".

Doha Bank is yet to commence its services in India, the CCI said in an order. ""The bank is yet to commence its services in India", the CCI said.

Doha Bank, which is a commercial bank, is engaged in retail banking, investment banking, and international banking.

Read more about: cci, hsbc, doha bank
Story first published: Monday, June 23, 2014, 9:20 [IST]
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