Central bank approves Ominvest-ONIC merger

22/06/2015 16:23 AST

A merger between Oman International Development and Investment Company (Ominvest) and Oman National Investment Corporation (ONIC) Holding was approved by the board of Central Bank of Oman (CBO).

The decision was taken by the board on Monday at a meeting chaired by Dr Ali bin Mohammed bin Moosa, deputy chairman of the Central Bank of Oman, according to a press release.

The board also discussed the regulations of personal loans and housing loans provided by commercial banks in Oman. In addition, the board members reviewed the challenges and available opportunities for finance and leasing companies and proposed ways of how to develop it. The board also reviewed the advantages and disadvantages of suggestions made by licensed finance and leasing companies and the recommendations on the same.

The board members also discussed the actions taken by the Central Bank of Oman and licensed banks operating in Oman with regard to the financing of small and medium enterprises. Besides, the board reviewed the bank deposit insurance scheme (BDIS) annual report for the year 2014.

The board reviewed various issues, including the Economic and Financial report up to March 31, 2015, as well as the activity report of CBO's departments during the period under review.

The Board deliberated on the recommendations included in the Report of the International Monetary Fund and World Bank mission on Financial Sector Assessment Programme (FSAP) and directed CBO's executive management to follow up the implementation of the said recommendation as far as possible. The Board also reviewed the CBO's financial position as at the end of April 2015 and the performance of the CBO's external investments during the period under review.

The Board also reviewed the financial and administrative matters of CBO and took necessary decisions.

Times of Oman