Bank Muscat considers sale of brokerage unit

Lender said the move was one of several "strategic options" for the business

Bank Muscat, the sultanate's largest lender, is considering a sale of its brokerage unit as one of several "strategic options" for the business, the bank said in a bourse filing on Monday.

The lender did not give a size or time frame for the potential sale of the unit. In the meantime the division, one of 21 licensed brokerages in Oman, will continue its operations with no impact on customers, the bank said.

Bank Muscat does not break out the financial performance of the brokerage business in its annual reports. In addition to serving foreign and domestic clients within Oman, the unit provides brokerage services on some other regional bourses through a network of partners, the bank's website says.

According to stock exchange data, Bank Muscat's brokerage had the third biggest share of Oman securities trading last year with 10.6 percent. The total value of securities trading in 2013 was 239.1 million rials ($623m).

Related:
Companies

Market Performance

BankMuscat
0.406
0.0020 0.5 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Accounting meets religion in challenge for Islamic banks

Accounting meets religion in challenge for Islamic banks

Reconciling accounting standards and religious principles is...

Banking on reforms in Kuwait

Banking on reforms in Kuwait

As Kuwait stares down its first deficit in 20 years, the Gulf...

Saudis face dilemma between size and pricing in debut bond sale

Saudis face dilemma between size and pricing in debut bond sale

Riyadh is under pressure to maximise the size of its international...

Most Discussed
sponsoredTracking