VOL. XLI

No. 09

2-March-1998

GCC

Conditions For GCC Banks Opening Branches In The Gulf

The following, outlined in a circular issued by the Central Bank of Oman dated 14February, are the main conditions for the opening of branches within the states of theGulf Cooperation Council (GCC):

  • The aggregate share capital of the bank must be at least $100mn. (Presumably this would have to be fully paid up).

  • The bank should have been conducting banking business for at least 10 years.

  • The institution...