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Tuesday, 17 December 2019

National Bank of Oman to exit Egypt by March 2020

National Bank of Oman plans Egypt exit by the end of 1Q2020: The National Bank of Oman’s board of directors has decided to close its last branch in Egypt by the end of next March, the bank said in a disclosure filed at the Muscat Securities Market (pdf). The exit is still subject to regulatory approval, the statement said. The bank has been trying to exit the Egyptian market since 2012 but hasn’t been successful in selling its asset portfolio, forcing it to liquidate the business instead, according to Hapi Journal.

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