National Bank of Oman to close its Egypt operations in Q1-2020

National Bank of Oman (NBO), rated BB by Fitch, said in a bourse filling on Monday it will close down its operations in Egypt and exit the market in the first quarter of 2020.

“The board had resolved to exit from Egypt and close its last branch and operations there. The bank would be targeting the end of the first quarter of 2020 to reach that exit,” NBO said in a filing to Muscat Securities Market (MSM).

NBO is the third largest listed bank by market capitalisation on Muscat Muscat Securities Market, after Bank Muscat and Bank Dhofar.