Oasis Capital in cost rationalisation push
Muscat, March 20, 2012
Bahrain-based Oasis Capital Bank said its board has undertaken cost rationalisation in its operations, but has also retained talents and capabilities to effectively manage existing assets.
The bank's board said yesterday they are determined to manage this delicate phase proactively and also by ensuring continued commitment to the bank's partners and counterparties.
'The board has mapped a direction that tries to limit the downside and preserve and manage the existing assets in a prudent manner,' the bank said in a statement.
Oasis Capital Bank is being reorganised and repositioned in order to ride out the turbulence, it stated.
'The challenging geopolitical developments and economic environment in Mena region and the unsettled European sovereign debt crisis has the potential to impact the bank's business plans in the short-term,' the statement said.
'The year 2012 looks even more challenging as many open questions still remain about the outlook for the markets and the future of the global economy,' it added.
Last year, Oasis saw profit fall from $7.53 million to $6.42 million after cutting staff expenses from $10.27m to $7.86 million.-TradeArabia News Service