BankMuscat Shares Listed On Bahrain Stock Exchange

Following the acquisition in Bahrain of the former ABN AMRO Bank branch operations, BankMuscat has obtained approval for the listing of its shares on the Bahrain Stock Exchange (the BSE)). BankMuscat is one of the leading shares listed on the Muscat Securities Market (the MSM). The current market capitalization of BankMuscat ordinary shares is approximately BHD 152Million, based on its current share price.

BankMuscat in the largest commercial bank in the Sultanate of Oman with assets in excess of US$ 3.5 billion providing a wide range of services in the corporate, consumer and private banking areas. It has 90 branches and 138 ATMs spread across the country and commands a 35% market share. The bank has branches in Bangalore, India and Bahrain and a representative office in Dubai.

The listing of BankMuscat on the BSE will enable local investors to trade in the shares of BankMuscat directly through their stockbroker in Bahrain. The share capital of the bank will, from 28 May 2002 onwards, be dually listed, quoted and traded on the MSM in Oman and the BSE in Bahrain.

"The listing of BankMuscat on the BSE is good opportunity for the bank to become better known and more accessible to the Bahrain market and its financial services sector", said the Chief Executive of BankMuscat, Abdulrazak Ali Issa.

BankMuscat has commenced full fledged banking services for its clients in Bahrain, covering retail, corporate, structured and treasury banking segments. The Private Banking activity serves clients in all of the Gulf countries including Bahrain, and extending to Kuwait, Saudi Arabia, Qatar and United Arab.

BankMuscat, since the acquisition, expanded its treasury operations, trade finance and retail banking. The bank is also upgrading it sew information technology systems that will link its Bahrain operations to the head office in Muscat. Once completed, web access and other integrated services will be expanded to clients in Bahrain.
The official inauguration of BankMuscat Bahrain took place on May 5, 2002, an event described by its Board Chairman Sheikh AbdulMalik bin Abdullah Al Khalili as the manifestation of BankMuscat’s mission to be a leading player in the region. “Bahrain is a close and long standing friend and partner of the Sultanate of Oman, its people and business community. A long historic link of co-operation, friendship and several business partnerships exist between Oman and Bahrain. BankMuscat will endeavor to contribute to building the commercial and financial ties between the two countries” said Sheikh AbdulMalik bin Abdullah Al Khalili.