Oman Arab Bank

Oman Arab Bank SAOC
Closed joint stock company
Industry
Founded 1 October 1984 (1984-10-01)
Headquarters Al-Ghubra, Muscat, Oman
Key people
  • Rashad Al Zubair (Chairman)
  • Amin Rasheed Al Husseini (CEO)
Services
Revenue Increase RO0,086 million (2014)[1]
Increase RO0,028 million (2014)[1]
Total assets Increase RO1,816 million (2014)[1]
Total equity Increase RO0,213 million (2014)[1]
Parent
Website www.oman-arabbank.com

Oman Arab Bank SAOC (Arabic: بنك عمان العربي‎‎) is a bank in Oman. It is jointly owned by Ominvest (51 percent) and the Arab Bank Group (49 percent). It was the third largest bank in Oman by net profit in 2011.[2] The bank operates through more than 60 branches and offices across Oman.[3]

Arab Bank began operating branches in Oman in 1973.[4] In 1984, Ominvest acquired a 51 percent stake in Arab Bank's operations in Oman, creating Oman Arab Bank.[4] Oman Arab Bank further expanded in 1992 by acquiring Omani European Bank.[5]

Oman Arab Bank operates in the retail, investment banking and Islamic finance sectors. The investment banking arm, Investment Management Group (IMG), provides services in issue management, asset management, brokerage and research.[5] The Islamic banking arm, Al Yusr, was established in 2013.[6] Oman Arab Bank has adopted NCR Corporation's APTRA Activate for its ATMs, mobile and online banking platforms since 2015.[7]

In 2014, Ominvest announced it was studying the feasibility of an initial public offering of Oman Arab Bank's shares but later cancelled the plans due to unfavorable market conditions.[8]

References

  1. 1 2 3 4 Annual Report 2014 (PDF), Oman Arab Bank, 2014-12-31, retrieved 2015-08-31
  2. ↑ Butler, Alicia (2012-08-23). "Biggest Banks In Oman". Gulf Business. Retrieved 2015-08-31.
  3. ↑ "Oman Arab Bank senior management team visits Al Batinah". Times of Oman. 2015-05-18. Retrieved 2015-08-31.
  4. 1 2 "Oman Arab Bank provides customers secure e-banking services with DIGIPASS technology to prevent identity theft and fraud" (PDF). VASCO Data Security International, Inc. Retrieved 2015-08-31.
  5. 1 2 Askalan, Abdul Kader (2013-11-11). "A partner in Oman’s growth". The European. Retrieved 2015-08-31.
  6. ↑ "OAB Launches Al Yusr Islamic Banking Window". Global Islamic Finance Magazine. 2013. Retrieved 2015-08-31.
  7. ↑ "Oman Arab Bank switching ATMs, online banking to NCR software". Gulf News Journal Report. 2015-07-27. Retrieved 2015-08-31.
  8. ↑ "Oman's Ominvest scraps Oman Arab Bank IPO". Arabian Business. 2014-02-26. Retrieved 2015-08-30.
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