NO. 42


Financial and Banking News

Regional Banking

Omani European Bank Founded to Succeed Union Bank of Oman

Union Bank of Oman (UBO), which has faced financial difficulties for someyears, ceased operations on 30 June and all its accounts were transferred toOmani European Bank (OEB), a new institution which began operations on 1 July.Restructuring of UBO had been expected for some time, and two local banks hadexpressed an interest in acquiring it. Kuwaiti institutions owned...