BankMuscat buys HSBC's merchant acquiring card business

BankMuscat has bought HSBC Bank Middle East's merchant acquiring credit card portfolio in Oman, according to a press release received here. Over the last decade HSBC has played a pioneering role in developing the credit card issuing and merchant acquiring market in Oman, the press release said. "We look forward the enhancing our services to customers by being present at a larger number of trade outlets with our point-of-sale terminals. We expect to convert all of the HSBC terminals to BankMuscat over the coming months.

Cardholders of Visa, Mastercard, Diner and AmEx will be able to use their cards at these terminals," said the press release quoting Abdulrazak Ali Issa, chief executive of BankMuscat. Robert Bray, newly appointed chief executive officer of HSBC Bank Oman, commented: "The transfer of this non-core element of our business in Oman has gone very smoothly, and it was a transaction which met both our and BankMuscat's strategic goals".

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