6 Jun 2022 11:55
Date: 6th June 2022
Market Disclosure: Bank Muscat - Kuwait Branch
In accordance with the bank's strategic objectives of achieving long term sustainable value, operational efficiency and business growth, both local and international; Bank Muscat would like to inform that it intends to gradually reduce the operations of its branch in the State of Kuwait with the aim of complete closure of the branch by 2025.
The Bank takes this opportunity to express its sincere thanks and gratitude to all the employees at its Kuwait branch, and is fully committed to provide banking services to the existing customers of the branch until the closure process is completed. In the meantime, the Bank will work towards completion of all required procedures and meeting all obligations in this regard, in coordination and consultation with the relevant regulatory authorities.
Bank Muscat's Kuwait branch constitutes only about 0.5% of the Bank's total assets of OMR 13 billion. The Bank will keep the market informed in the future of any material developments in this regard.
Waleed K. Al Hashar
Chief Executive Officer
Bankmuscat Regs (BKM)