Bank Muscat Announces Strategic Investment Fund to Diversify Portfolio in GCC Banks
Bank Muscat, Oman's largest lender in terms of assets, is poised to establish a strategic investment fund.
The fund is set to allocate up to 150 million riyals (approximately $390 million) over the coming years for investments in various Gulf Cooperation Council (GCC) banks.
The announcement came via a statement released on Monday on the Muscat Stock Exchange, where the bank revealed that it has secured in-principle approval from the Central Bank of Oman to establish the wholly-owned Strategic Investment Portfolio (SIP).
Bank Muscat outlined its strategy, stating that the SIP aims to invest in selected listed GCC banks, with the primary objective of capitalizing on the overall growth trajectory of the GCC banking sector.
This move signifies the bank's proactive approach to tapping into opportunities within the regional financial landscape and underscores its commitment to financial diversification.
Brinda Darasha / Zawya