Thu, Jan 16, 2025 | Rajab 16, 1446 | DXB ktweather icon0°C

GMG plans to launch new bank in Oman

Top Stories

DUBAI — Gulf Merchant Group (GMG) has received initial approval for a full banking licence from the Central Bank of Oman to operate a new retail and commercial bank. Initially capitalised at a minimum of RO50 million, the Oman Merchant Bank (OMB) will look to launch by the end of 2007, following an initial public offering (IPO) on the Muscat Securities Market.

Published: Tue 20 Mar 2007, 9:04 AM

Updated: Sat 4 Apr 2015, 10:53 PM

  • By
  • A Staff Reporter

Key factors driving GMG's decision to launch the bank are the strong economic performance of the Omani economy; deregulation of key sectors in the economy by the government; upcoming privatisations; much-needed broadening of private sector ownership and the inflow of foreign direct investments.



Next Story