VOL. XLIV

No 52

24/31-December-2001

OMAN

Bank Muscat To Merge WithIndustrial Bank of Oman

Bank Muscat, Omans largestdomestic bank, signed a merger agreement with the Industrial Bank of Oman (IBO)on 12 December following shareholder approval. According to the Arabic daily al-Hayat,the merger will go ahead after a 90-day statutory period, although Ahmadal-Abry, Bank Muscats General Manager, said that the bank is seeking approvalfrom the ministry of commerce for the process to be initiated much...