Oman's banks count the cost of Gonu

Several of Oman's banks have reported damage to their branches as a result of strong winds and flooding caused by last week's cyclone Gonu.

A spokesperson for BankMuscat, Oman's largest bank, told Arabian Banking & Finance that 10 of the bank's branches had been forced to remain closed for repairs.

The affected branches are in Al Amerate, Ghala, Mabelah, Markaz Al Bahja, Al Mawaleh, Quriyet, Qurum, Rusayl, Sur, as well as the bank's dedicated branch for non-resident Indians (NRIs).

BankMuscat's home finance division in Baituna has been temporarily moved to its office in the Muttrah Business District.

The bank has announced that it will donate OMR3 million (US$7.8m) to the Ministry of Social Development and the Oman Charitable Organisation to help rehabilitate people across the Sultanate who have been affected by the cyclone.

Among Oman's other banks, Oman Arab Bank's branch in Qurum was flooded, as were several of its ATMs.

Abdulqader Al Bulushi, assistant general manager, banking operations, Oman Arab Bank, said: "We did not know [cyclone Gonu] would be that severe, but we had plans and already shifted our staff to the Al Khuwayr branch."

He added that the bank had already replaced all of its damaged ATMs.

A spokesperson for Bank Dhofar said that the bank was still assessing the damage at its branches, but that it operated a back-up site in Salalah and had been able to maintain its systems.

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