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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.
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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