Bank Muscat closes its branch in Kuwait

Bank Muscat, Oman’s largest bank, has said it is closing its branch in Kuwait, a move analysts say reflects a strategy to focus on its domestic operations.

In a disclosure on the Omani bourse, the bank did not give the reason for its pullout from Kuwait but analysts say financial uncertainties in the region may well be the reason.

“The financial sector in the GCC is currently facing challenges such as lower interest rates, geopolitical uncertainties and oil price instability and that may well be the reason for Bank Muscat to pull…