Bank of Beirut Ends Oman Operations
Beirut Bank announced the cessation of its banking operations in Oman after receiving regulatory approval from the Central Bank of Oman. The bank has called on depositors to visit its branches within sixty days to settle their accounts and claims. The bank began its operations in Oman in 2006 with a capital of $26 million and opened six branches. However, it gradually scaled back its activities, leaving only one branch by the end of 2024, amid a decline in banking activities and increasing competition from both local and foreign banks. Legal regulations prohibit banks from disposing of their operations without approval from the Central Bank. It is worth noting that the bank had justified its expansion into the Omani market by its intention to increase funding for large projects, but it ceased operations after demand waned and many local and foreign banks concentrated their presence in the market.
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