Mubasher: The National Bank of Oman (NBO), listed on the Muscat Securities Market (MSM), decided to exit from the Egypt market and shut down all its operations there. 

The Omani bank has already obtained regulatory approvals to close its last branch in the most populous Arab nation, according to a bourse disclosure on Monday.

The exit is expected to take place by the end of the first quarter of 2020.  

It is noteworthy that during the first nine months of 2019, the bank’s net profits grew by 0.52% to OMR 38.3 million, compared to OMR 38.1 million in the year-ago period.