HSBC Bank Oman SAOG has recorded a consolidated net profit of RO 7.243 million for the six months to June 30, 2012, an increase of 5.3 per cent as compared with the same period in 2011.

The announcement follows yesterday’s approval by the Board of Directors of HSBC Bank Oman’s unaudited condensed financial results for the six months ended June 30, 2012, which will be consolidated into the HSBC Group's 2012 interim results.

In his Chairman's statement, Simon Cooper, HSBC Bank Oman Chairman and Deputy Chairman and Chief Executive Officer of HSBC in the Middle East and North Africa, said: 'OIB and HSBC Oman both enjoy a long heritage in Oman and the combination represents a significant presence in the Omani banking industry.

HSBC Oman's merger with OIB is a natural continuation of the roles that both banks have played in the development of the banking sector in Oman. The new entity now has one of the largest branch networks in the Sultanate, and will serve the needs of retail, corporate and institutional customers. With the successful completion of this transaction, customers can now benefit from both HSBC Group’s international network and a wider range of banking products and services.'

Ewan Stirling, CEO of HSBC Bank Oman added: 'This is a strong set of results for HSBC Bank Oman, and they demonstrate that we are on track to deliver a new level of banking services to our Omani customers. We look forward to implementing the growth plan, and will be rolling out newly refurbished branches and enhanced services over the next few 1343562545258315600 months. With over 60 years’ presence in the country, we recognise the tremendous business opportunities in Oman. This transaction presents HSBC with a great opportunity to invest for growth in a key Gulf economy.'

"This is a very exciting time for HSBC Bank Oman as the integration continues. Customers of the former Oman International Bank will shortly have access to the national ATM network, and our continued investment in staff training will ensure that our customers will receive even better service as we progress. This merger is incredibly complementary: bringing together HSBC's strong corporate client base and OIB's wide distribution network. Our customers can look forward to market leading international financial services delivered through a trusted and established local brand.'