HBL Set to Exit from Oman

Habib Bank Limited (HBL) is set to shut down its business of banking and financial services in the Sultanate of Oman, according to official sources. In this regard, the bank has received the approval of the banking regulator of the host country. After obtaining approval from the Central Bank of Oman for the deregistration of its Oman operations, the bank has commenced an orderly and phase-wise exit, the annual financial report of HBL said. HBL is the only Pakistani bank that has been operating in Oman for the past many years. The bank was operating with a wide network including five different branches across the country The reason behind the closure of the branches in foreign countries was earlier explained as the consolidation of the overall operations of the bank which included more focus on the domestic market. Previously, the bank also closed down branches in different countries including the US, France, and Seychelles. Besides, three branches are under the process of closure in different countries including Afghanistan, Lebanon, and Mauritius. HBL Oman was one of HBL’s global initiatives to cater to local and international customers in the Middle East. Its network once consisted of 9 branches stretching across the Sultanate.