Sale raises BankMuscat capital
Muscat, November 24, 2007
BankMuscat said its sale of a stake to Dubai Financial had increased its share capital by 17.7 per cent to Dh1.03 billion ($281 million).
Bank Muscat agreed in August to sell a 15 per cent stake to Dubai Financial for $619 million by issuing new shares to the Dubai government-owned firm.
Competition among banks is rising in Oman, whose $40.2 billion economy grew 6.5 percent last year, according to Standard Chartered.
Like other regional lenders, BankMuscat is expanding abroad to diversify its revenue flows.
Bank Muscat expects to agree this year on taking over Pakistan's Saudi Pak Bank, its chief executive said this month.Reuters