March 17, 2009 / 6:14 AM / 9 years ago

Bank Muscat says plans to sell stake in Indian bank

DUBAI, March 17 (Reuters) - Bank Muscat BMAO.OM said on Tuesday it had sold 40 percent of its holdings in India’s HDFC Bank HDBK.OM and planned to sell its entire stake.

Oman’s largest lender said in a statement on the bourse website that it expected 4 million rials ($10.39 million) to 7 million rials in losses in the first quarter related to its equity portfolio.

Bank Muscat has a stake of about 3 percent in HDFC. (Reporting by Daliah Merzaban and Saleh al-Shaibany; Editing by John Irish)

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