Bank Mus­cat open­ing Iran of­fice

The Pak Banker - - COMPANIES/BOSS -

Bank Mus­cat, Oman's largest len­der by mar­ket value, is open­ing a rep­re­sen­ta­tive of­fice in Iran, the bank said on Thurs­day, un­der­lin­ing rapid growth in busi­ness ties be­tween the coun­tries af­ter the lift­ing of sanc­tions on Tehran.

The an­nounce­ment ap­pears to make Bank Mus­cat one of the first for­eign fi­nan­cial firms to es­tab­lish a pres­ence in Iran since the in­ter­na­tional sanc­tions, im­posed over Tehran's dis­puted nu­clear pro­gramme, were re­moved in Jan­uary. A brief state­ment by Bank Mus­cat did not say when the process of open­ing the of­fice would be com­pleted, or give any fur­ther de­tails. Oman is keen to strengthen ties in or­der to ob­tain nat­u­ral gas sup­plies for its in­dus­try and di­ver­sify its econ­omy be­yond oil. In late Jan­uary, an Omani sov­er­eign wealth fund signed an un­der­stand­ing with Iran's big­gest au­tomaker, Iran Kho­dro In­dus­trial Group, to study a pro­posal for a $200 mil­lion auto plant in Oman.

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