|16 December, 2019

National Bank of Oman to exit from Egypt

The exit is anticipated to happen by the end of Q1 2020

A general view of the National Bank of Oman in Muscat. Image used for illustrative purpose.

A general view of the National Bank of Oman in Muscat. Image used for illustrative purpose.

REUTERS/STR New

National Bank of Oman’s (NBO) board of directors has resolved to exit from Egypt and close its last branch and operations there, subject to obtaining all regulatory approvals.

The bank’s management has been working towards achieving that exit, NBO said in a statement, noting that it is anticipated to happen by the end of the first quarter of 2020.

NBO is the third largest listed bank by market capitalization on Muscat securities market, behind Bank Muscat and Bank Dhofar.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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© ZAWYA 2019