14 Years of Banking Sector Changes
The banking sector in Oman has experienced significant changes from 2014 to 2026, including the exit of foreign banks such as Bank of Beirut and Habib Bank, and mergers between local banks like HSBC with Bank Sohar. There have also been acquisitions, such as Bank of Oman Arab acquiring Alizz Islamic Bank, and Bank Dhofar taking over the Indian Bank Baroda's operations. Additionally, new banks entered the market, such as Oman Investment Bank and Mashreq Bank, leading to a notable reshaping of the industry landscape. One of the most prominent developments was the discontinuation of Bank of Beirut after 20 years in the market, and the merger of HSBC with Bank Sohar. Despite these changes, some banks continue to operate as independent entities or after acquisition and merger processes, reflecting a market trend towards organizational and financial restructuring.
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