GMG plans to launch new bank in Oman

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.

By A Staff Reporter

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Published: Tue 20 Mar 2007, 9:04 AM

Last updated: Sat 4 Apr 2015, 10:53 PM

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.

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