Islamabad, Aug 26: A Middle Eastern media said that Habib Bank Limited suspended its banking activities in the Sultanate of Oman.
A notice published in Official Gazette No. 1,559 states that the bank’s Oman branch has closed in accordance with Royal Decree No. 114/2000’s provisions regarding Article 84 of the Banking Law. The Central Bank of Oman has approved the termination and made the process easier by announcing the formal closure of the bank’s operations in the nation.Habib Bank Limited has asked all depositors and anyone having claims against the bank to submit their supporting documents and claims between August 18, 2024, and October 20, 2024, as part of its closure.
Articles 82 and 84 of the Omani Banking Law, which control the voluntary dissolution and liquidation of banking entities, are in line with the ruling. While Article 84 requires notice to depositors and claimants with at least sixty days’ notice prior to the conclusion of the claim filing period, Article 82 authorizes banks to voluntarily stop their operations with consent from the Central Bank of Oman.
Habib Bank Limited, one of the oldest commercial banks in the area, was established in Pakistan in 1974. With more than 1,728 branches globally, it has grown internationally. When the bank was privatized in 2004, the Aga Khan Fund for Economic Development acquired the lion’s share of the equity. The Pakistani government sold the remaining shares.
The bank made the strategic decision to streamline its activities and concentrate on the Pakistani home market, which included the decision to close operations in Oman. According to the publication, the bank has plans to cease operations in Afghanistan, Lebanon, and Mauritius in addition to closing branches in the US, France, and the Seychelles. This move is a part of a larger strategy.HBL is concentrating on its local business. Recent years have seen a number of projects, such as the launch of HBL Zarai Services and HBL Konnect. The bank has more than 1,700 locations around the nation.
