National Bank Of Oman Cuts Off 38 Jobs By End Of December

National Bank of Oman (NBO) plans to cut off 38 jobs by the end of December as it now has one branch which is its  headquarters in Heliopolis after shutting down its two branches in Cairo and Alexandria last month, sources said.

The bank had closed four branches in Maadi, El Gouna, Mohandseen and Alexandria. Such move raises concerns that NBO may exit the Egyptian market.

The bank, which has one branch in Abu Dhabi in UAE, has established 67 branches since its establishment in 1973 in Oman.

NBO’s unaudited results for the first nine months of 2012 showed that the bank’s post tax net profit rose by 11.7% to reach 30.5 million Omani Riyals at the end of last September, compared to 27.3 million Omani Riyals at the end of 2011.