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On 15 January 2024, Bank Muscat announced it received in-principal approval from the Central Bank of Oman to establish a wholly owned Strategic Investment Portfolio (SIP). This SIP is authorized to invest up to RO 150 million.
| Date | 15 Jan 2024 |
| Time | 07:25:29 |
| Category | Miscellaneous |
| ID | 6726Z |
Date: 15 January 2024
Subject: Bank Muscat Obtains In-principal Regulatory Approval for Strategic Investment Portfolio
Bank Muscat wishes to inform the market that it has received an in-principal approval from the Central Bank of Oman to setup a wholly owned Strategic Investment Portfolio (SIP) and invest up to RO 150 million. This investment portfolio is part of the enterprise growth strategy of the Bank, focusing on business and revenue diversification to create enhanced shareholder value. As per the mandate of this portfolio, the Bank will invest in various listed banks in the GCC with the aim of benefiting from the general growth trajectory of the GCC banking sector. The Bank endeavors to build this portfolio gradually over the next few years depending on opportunities available in the market.
Waleed K. Al Hashar
Chief Executive Officer