Bank Muscat to Shut Down Kuwait Branch

Bank Muscat, the largest financial institution in Oman, on Monday announced that it is planning to complete the closure of its Kuwait branch by 2025.

‘In accordance with the bank’s strategic objectives of achieving long-term sustainable value, operational efficiency and business growth, both local and international; Bank Muscat would like to inform that it intends to gradually reduce the operations of its branch in Kuwait with the aim of complete closure of the branch by 2025,’ Bank Muscat said in a disclosure submitted to the Muscat Stock Exchange.

It said, ‘The bank takes this opportunity to express its sincere thanks and gratitude to all the employees at its Kuwait branch, and is fully committed to provide banking services to the existing customers of the branch until the closure process is completed.’

In the meantime, Bank Muscat will work towards completion of all required procedures and meeting all obligations in this regard, in coordination and consultation with the relevant regulatory authorities, the bank added.

Bank Muscat noted that its Kuwait branch constitutes only about 0.5 per cent of the bank’s total assets of RO13bn.

‘The bank will keep the market informed in the future of any material developments in this regard,’ Bank Muscat said.