BNP Paribas sells stake in Oman bank

France's BNP Paribas has sold its minority stake in Oman's Bank Dhofar Al Omani Al Fransi to a state pension fund for 4.23 million Omani rials ($11 million), a bank official said yesterday.

"I can confirm the Civil Service Ministry's pension fund has bought BNB Paribas' entire share in Bank Dhofar," Ahmed bin Ali Al Shanfari, general manager of Bank Dhofar, told Reuters.

He said BNP Paribas sold 2.117 million shares, or about six percent of Bank Dhofar's equity, at two rials per share on Monday through the Muscat Securities Market.

"Bank Dhofar is now 92 percent owned by Omani shareholders and the rest of the stakes are held by private investors in the United Arab Emirates (UAE)," Al Shanfari added.

On Monday, Bank Dhofar's shares dominated trade on the bourse, climbing 20 baisas higher to close at 2.300 rials.