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BankMuscat is looking for expansion in the GCC. (SUPPLIED)
BankMuscat, Oman's largest lender by market value, has put its international expansion plans on hold but will continue building presence in the Gulf and its home market, its chairman said yesterday.
"For the time being there are no international expansion plans because of the global crisis. But we are looking for expansion in the GCC," AbdulMalik bin Abdullah Al Khalili said on the sidelines of an event.
The lender has embarked on an aggressive investment strategy in the recent past. Through its stake in BMI Bahrain, BankMuscat has ventured into Qatar, Kenya, and the Seychelles. It also holds stakes in banks in Pakistan and India. BankMuscat sold its stake in Indian bank HDBC last year. The bank has a 49 per cent stake in BMI Bank, Bahrain, and is present in Saudi Arabia with a branch in Riyadh. Recently, it opened a branch in Kuwait and has a representative office in Dubai.
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