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Oman capital hike move to strengthen banks, says CBO
MUSCAT— Last week's decision to hike the capital of Omani banks from RO20 million to RO50 million is meant to strengthen their financial status, Central Bank of Oman (CBO) Executive President Hamoud bin Sangour Al Zedjali has said.
He added that it was also meant to enhance their competitiveness visa-a-vie foreign banks, both locally and abroad, and prepare them to apply the new capital adequacy criteria (Basel Pact II), which required banks to increase their capital by the end of this year.
Zedjali said the new regulation would also help banks in their plans to expand in the Gulf and regional markets.
He noted that out of the five local banks, three had already increased their capital to more than RO50 million and the rest would "easily do so, thanks to the good results achieved by banks and the expansion of the economic and banking activity in the country."
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