Bank of Beirut to End Banking Operations in Oman After 20 Years

Muscat: Bank of Beirut is ending its banking operations in the Sultanate of Oman after nearly two decades, following the necessary regulatory approvals to terminate its banking business in the country.

In a notice published in the Official Gazette, Issue No. 1662 dated August 23, 2026, the bank said it had obtained the required approval to cease its banking operations in Oman in accordance with Articles 214 and 215 of the Banking Law issued under Royal Decree No. 2/2025.

The bank also received approval from the Central Bank of Oman to publish the notice concerning the termination of its banking activities.

Bank of Beirut called on depositors and other concerned parties to visit its branch within 60 days, from August 23 until October 23, 2026, to submit claims supported by the required documents and complete procedures related to their accounts.

These procedures include withdrawing account balances and deposits and settling any outstanding obligations with the bank.

The bank stated that after the deadline, communication concerning any remaining claims or related procedures will be handled through Al-Amiri Law Firm, which has been authorized to take the necessary action.

What Oman’s Banking Law Says

Article 214 of the Banking Law stipulates that a licensed bank may not voluntarily liquidate, dissolve or cease its banking operations in Oman without submitting a request to the Central Bank of Oman.

Article 215 provides for the approval of such requests and allows the Central Bank to determine the procedures and requirements necessary for the liquidation, dissolution or termination of banking activities.

From Expansion to Exit

Bank of Beirut received approval from the Central Bank of Oman in March 2006 to establish a branch in the Sultanate and began operations in December of the same year.

The bank entered the Omani market with a capital of approximately US$26 million and an initial workforce of 20 employees.

During its early years, the bank focused significantly on corporate banking and project financing. Within its first three years, it financed projects with a combined value of around RO450 million, according to reports at the time.

By 2010, corporate banking accounted for about 85% of its business, while retail banking represented around 15%. The bank later expanded its services to include small and medium enterprises.

Its Omani network subsequently grew, reaching six branches by 2018, including locations in Qurum Beach, Al Ghubra, Al Mouj, Barka and Sohar. At the time, the bank employed around 150 people, approximately 95% of whom were Omani nationals.

The bank later reduced its lending portfolio in Oman. Its branch network was reduced to four locations in 2023, before only one branch remained by the end of December 2024.

Oman’s Banking Sector

Oman’s banking sector includes local and foreign commercial banks, specialized banks and Islamic banking institutions.

The sector currently comprises seven local banks and 11 foreign banks, alongside specialized institutions including Oman Housing Bank and Development Bank, as well as Islamic banks and Islamic banking windows.

Bank of Beirut’s departure marks the end of a nearly 20-year presence in the Omani banking market, with depositors and other customers now required to complete the relevant account and financial procedures within the period specified in the bank’s official notice.