Financial and Banking News
BBME Acquisition Hits OIB's Profits
The acquisition by Oman International Bank (OIB) of most of the local branches of the British Bank of the Middle East (BBME) last year (MEES 24 September 1984) was a major factor in OIB's increased assets last year, but has hit its net earnings, which dropped 7% to RO714,000 ($2.1mn). Assets grew by RO37.3mn (64%) to RO96mn ($277mn). The bank reported that the previously undisclosed price paid for the...