Business | Banking

Central bank approves creation of new bank

Board also agreed to raise Al Zawawi Group's stake in Muscat Finance Company to 35 per cent

  • Staff Report
  • Published: 00:00 September 23, 2010
  • Gulf News

Muscat: The Central Bank of Oman (CBO) has cleared a request by Sayed Asa'ad Bin Tarek Bin Taimour Al Saeed, Representative of Sultan Qaboos Bin Said, to set up a new commercial bank in the country.

The decision, to give the green signal to new bank — Al Izz International Bank — was taken at a meeting of the CBO Board of Governors on Tuesday evening.

The board, which met under the chairmanship of Dr Ali Bin Mohammad Bin Mousa, deputy chairman of the CBO Board of Governors and chairman of the Tender Board, also approved a request by BankMuscat to open a representative office in Singapore.

Equity stakes

The board also agreed to raise Al Zawawi Group's stake in Muscat Finance Company to 35 per cent and raise Oman Finance and Investment Company's stake in the National Finance Company again to 35 per cent.

Al Izz International Bank will be the seventh locally incorporated bank after BankMuscat, the National Bank of Oman, Bank Dhofar, Bank Sohar, Oman International Bank and AhliBank.

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