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India – CCI Approves The Transfer Of HSBC Oman’s Indian Business And Operations To Doha Bank QSC.

14 July, 2014

 


On June 12, 2014, CCI approved the proposed acquisition of the Indian business and operations of HSBC Oman S.A.O.G. (‘HSBC Oman’) to Doha Bank QSC (‘Doha Bank’), pursuant to a scheme of amalgamation under Section 44A of the Banking Regulation Act, 1949.

 
CCI observed that Doha Bank, one of the commercial banks of the State of Qatar, had obtained the Reserve Bank of India’s approval for establishing a branch in Mumbai. However, it was yet to commence its operations in India. CCI further noted that HSBC Oman, which is a commercial bank in the Sultanate of Oman, had a limited presence in India through its branches located at Mumbai and Kochi. In light of the above, CCI concluded that there were no vertical or horizontal overlaps in the activities of either party in India. Accordingly, CCI approved the proposed combination on the basis that it was not likely to have an appreciable adverse effect on competition (‘Adverse Effect’) in India.

 

AZB

 

For further information, please contact:

 

Zia Mody, AZB & Partners
[email protected]

 

Abhijit Joshi, AZB & Partners 
[email protected]

Shuva Mandal, AZB & Partners 
[email protected]

 

Samir Gandhi, AZB & Partners
[email protected]

Percy Billimoria, AZB & Partners 
[email protected]

 

Aditya Bhat, AZB & Partners 
[email protected]

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