Bank of Oman to Exit Egyptian Market by June 2014; Sources

The National Bank of Oman (NBO) is planning to end its banking activities in the Egyptian market by the end of June 2014, senior sources told Amwal Al Ghad on Tuesday.

NBO has started to adopt downsizing steps towards current workforce in its headquarters in Egypt, the bank’s sole branch in the North African country. The number of existing employees in the bank currently does not exceed 20.

Consequently, the NBO employees had organized a sit-in yesterday following the administrative decree as regard to deduct the end of service benefits.

The sources further added that the bank is also intending to cancel its banking license in Egypt within the upcoming phase.

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