Qatar’s Doha Bank announced entering into a definitive agreement with HSBC Bank Oman to acquire its banking arm in India. This was according to a report from the Economic Times. HSBC Holdings Plc holds an indirect stake of 51 percent in HSBC Bank Oman.

As a part of the acquisition agreement, the Chairman of Doha Bank’s Board of Directors, Sheikh Fahad Bin Mohamed Bin Jabor Al Thani, said that all the employees of the financial institution along with its business operations would be relocated to Doha.

He said, "The business being acquired consists of its two branches and had gross assets of INR 3.5 billion (about USD 58 million) as on 31.12.2013."

Sheikh Fahad Thani also stated that the deal still awaits the approval of the authorities in regulating agencies in Oman, Jersey, India and Qatar.

Doha Bank was established in 1978 and started its International Banking operations on March 15, 1979 in Doha, Qatar.