Muscat: The bank has been reducing its activities in several nations, and this decision is in line with that trend.
A notice published in Official Gazette No. 1559 states that the bank’s Oman branch has closed by Royal Decree No. 114/2000’s provisions regarding Article 84 of the Banking Law.
The official closure of the bank’s operations in the country has been announced by the Central Bank of Oman which has accepted the termination and facilitated the process.
Read Also: Bank of Punjab Introduces 25-Year House Loan Scheme with Installments
As part of its closure, Habib Bank Limited has requested that all depositors and anybody with claims against the bank submit their supporting documentation and claims by October 20, 2024, at the latest.
Articles 82 and 84 of the Omani Banking Law which controls the voluntary dissolution and liquidation of banking entities, are in line with the ruling. While Article 84 requires notice to depositors and claimants with at least sixty days’ notice before the conclusion of the claim filing period Article 82 authorizes banks to voluntarily stop their operations with consent from the Central Bank of Oman.
One of the region’s oldest commercial banks, Habib Bank Limited, was founded in Pakistan in 1974. Its worldwide reach has expanded with over 1,728 branches. When the bank was privatized in 2004, the Aga Khan Fund for Economic Development acquired the lion’s share of the equity. The remaining shares were sold by the Pakistani government.
The bank made the strategic choice to concentrate on its native market in Pakistan and consolidate its activities, which included the decision to close its operations in Oman. This action is a part of a larger plan that also includes the bank closing branches in the US, France, and the Seychelles, as well as having plans to terminate operations in Afghanistan, Lebanon, and Mauritius.