The Muscat Bank and the Omani Industrial Bank will merge to form a new entity as of March 2002, reported Al-Hayat. The new Muscat Bank will be formed with a 1.84 billion Omani Rial ($4.78 billion) total asset value and an estimated capital of OR45.5 million. The Chief Executive of the Muscat Bank, Abdul-Malek Al-Khalili, said that since the Sultanate of Oman is joining the World Trade Organization (WTO), the merger aims to create a financial institution that will be competitive in global markets. — (menareport.com)
© 2001 Mena Report (www.menareport.com)
