The proposal of the National Bank of Oman (NBO) to set up a joint venture commercial bank in Abu Dhabi proved to be a non-starter, Oman Observer reported.
An official source from Oman’s bank was quoted by the daily as saying “it (the joint venture proposal) is in a frozen position,” adding that the bank explores opportunities in different countries and sometimes shifts its focus.
According to the paper, the bank announced a couple of years ago that the negotiations on the Abu Dhabi venture was to be concluded by the end of June 1999.
"However, due to certain legal formalities as well as clarification on the final structure of the proposed institution, this has been delayed, said the official.
Oman International Bank has two branches each in India and Pakistan, while Bank Muscat has one branch in India and a representative office in Dubai – Albawaba.com
