Tuesday 28, August 2018 by Kudakwashe

State Bank of India mulls closure of Muscat branch

 

The lender has written to the Central Bank of Oman (CBO) for the permission.

The State Bank of India (SBI) has announced that it has written to CBO seeking approval to close its Muscat branch as the lender winds up its business portfolio in the Sultanate.

The bank said that upon receiving permission from the central bank it will start completing closure formalities, which includes asking local staff to go as well as settling all liabilities and transferring assets.

The lender has operations in 36 countries with nearly 190 overseas branches and the countries where SBI is either closing down branches or merging small branches to rationalise costs include China, Sri Lanka, Oman as well as Saudi Arabia, France and Botswana, reported local daily, Muscat Daily.

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