VOL. XL

No. 40

6-October-1997

OMAN

Omani Banking Sector Prospers Amid Merger Activity

Earlier in 1997, the GIC subsidiary Gibcorp sold its majority stake in Commercial Bankof Oman, the smallest bank in the Sultanate, to Oman Savings and Finance Bank (OSFB -formerly ANZ Grindlays' operation). Following shareholders' meetings held in May, the newowners have now folded OSFB into Commercial Bank and in the process created the secondlargest bank in the Sultanate when ranked by equity. The merger...