Omani Staff will Keep Jobs after Bank Merger
No Omani staff will be sacked as a result of the merger between BankMuscat and Commercial Bank of Oman (Combank), which was signed on Sunday night, the Gulf News reported Tuesday.
The merger will become effective in the last week of December when the 90-day statutory period expires, the daily said.
"Omani employees, who make up 90 percent of the combined strength of the 1,500-strong staff, will remain," Ali Essa, the CEO in the sultanate's commercial banking industry, was reported by the paper.
According to the newspaper, the deal which raised BankMuscat's assets to 1.3 billion riyals, making it Oman's largest bank and one of the region's top 20.
BankMuscat is a premier commercial banking institution in the country that was established in 1993 as a public joint stock company by the voluntary merger of two established banks - Bank of Muscat and Al Bank Al Ahli - which have been operating in the Sultanate since 1976 - Albawaba.com
© 2000 Al Bawaba (www.albawaba.com)
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