Habib Bank Limited (HBL), one of the largest banks in Pakistan, is set to discontinue its banking and financial services operations in the Sultanate of Oman, according to official sources. The move has been approved by Oman's financial regulator and is part of the bank's consolidation of operations, with a greater emphasis on the home market.
HBL's international branches have been closing in recent years, with the bank already having closed branches in the US, France, and Seychelles. Additionally, the bank is closing three branches in Afghanistan, Lebanon, and Mauritius. HBL's annual financial report notes that the bank has begun an orderly and phased exit from Oman after receiving authorization from the Central Bank of Oman for the deregistration of its Oman activities.
HBL Oman was a global project created to serve both domestic and foreign clients in the Middle East. Its network, which previously covered the Sultanate, included nine branches. HBL has been the only Pakistani bank doing business in Oman for many years. The bank has five branches spread across the country and a large network of operations.
The decision to exit Oman is part of HBL's strategic plan to focus on its home market and consolidate its operations. The move is expected to have a limited impact on the bank's overall business, given its small presence in Oman.
HBL's focus on its home market is driven by a desire to consolidate operations and streamline its business to remain competitive in the face of increasing competition from other banks and financial institutions. The bank is also looking to expand its digital capabilities and leverage technology to enhance customer experience and drive growth.
In conclusion, HBL's decision to discontinue its banking and financial services operations in Oman is part of its overall strategy to consolidate operations and focus on the home market. While the move is expected to have a limited impact on the bank's business, it underscores the need for banks to streamline operations and remain competitive in a rapidly changing financial landscape.
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