Sohar International Bank SAOG (MSM:BKSB) entered into letter of intent to acquire HSBC Bank Oman S.A.O.G. (MSM:HBMO) for approximately OMR 340 million on June 19, 2022. As on July 25, 2022, Sohar and Oman entered into non-binding memorandum of understanding. As on November 15, 2022, Sohar and Oman entered into definitive agreement. The transaction is subject to due diligence, entry into definitive agreements, in addition to obtaining final approvals from the banks? respective Boards, Regulators and Shareholders. As of February 5, 2023. HSBC Bank Oman SAOG would like to announce that it has received approval from the Central Bank of Oman for its proposed merger with Sohar International Bank SAOG. As of May 30, 2023, HSBC Bank Oman SAOG Board approves terms of merger with Sohar International Bank SAOG. As of June 20, 2023, HSBC Bank shareholders has approved the merger. As of August 13, 2023, majority of HSBC Bank Oman?s shareholders prefer to receive a cash consideration from the lender?s planned merger with Oman'sSohar International Bank. Under the terms approved by extraordinary general meetings at both parties, each cash option shareholder will receive 73% of their consideration in cash. The cash consideration will be provided at a ratio of OMR 0.177 (USD 0.468/EUR 0.425) per eligible HSBC Bank Omanshare. The remaining consideration will be issued in the form of shares of Sohar International, based on a ratio of 1.467 Sohar Internationalshares for every remaining 1 HSBC Oman share. Stockholders of HSBC Bank Oman who did not elect or were not eligible to receive cash consideration will receive 1.467 Sohar shares for each HSBC Oman share held. Under a binding merger agreement signed between the parties in November last year, Sohar and HSBC Bank Oman will combine their operations. The transaction is expected to close in the second half of 2023. As of June 22, 2023, the transaction is expected to be closed on August 17, 2023. Moelis & Company (NYSE:MC) acted as exclusive financial advisor to HSBC Middle East Holdings B.V. Mohammed Al-Shukairy of Clifford Chance LLP (UAE) acted as legal advisor to HSBC Middle East Holdings B.V. Citigroup Global Markets Inc. acted as financial advisor to Sohar International Bank SAOG (MSM:BKSB). George Karafotias and Omar Alkaffas of Shearman & Sterling represented Citigroup as financial advisor to Sohar International Bank SAOG (MSM:BKSB).

Sohar International Bank SAOG (MSM:BKSB) completed the acquisition of HSBC Bank Oman S.A.O.G. (MSM:HBMO) on August 17, 2023.