07 January 2012
Following an instruction from the Central Bank of Kuwait, BankMuscat, the largest financial services provider in the sultanate, has removed the head of its Kuwait branch from his position, the bank said in a filing to Muscat Securities Market (MSM) on Thursday.
Following an instruction from the Central Bank of Kuwait, BankMuscat, the largest financial services provider in the sultanate, has removed the head of its Kuwait branch from his position, the bank said in a filing to Muscat Securities Market (MSM) on Thursday.
According to a BankMuscat disclosure on MSM, the Central Bank of Kuwait took the decision "as a result of the branch maintaining two officers in situ for positions where they did not meet the experience and expertise criteria as laid down by the Kuwaiti regulator."
BankMuscat said that it has shortlisted another candidate to the head its Kuwait branch.
"We expect to make the appointment shortly following necessary regulatory approvals. We look forward to working closely with the Central Bank of Kuwait as our business grows and develops in Kuwait," BankMuscat said.
BankMuscat opened its commercial banking branch in Kuwait in April 2010 where it offers a comprehensive range of corporate banking, trade and treasury services.
© Muscat Daily 2012
