Subject: Bank’s Advertisements to Promote Investment/Merchant Banking Services for and on behalf of Financial Institutions Abroad

We have observed that there is an increasing trend in the banking activities of several licensed banks in the area of investment/merchant banking business. Consequently, it is noted that certain banks in Oman are publicly advertising in the newspapers or advise their clients directly that they offer such services for and on behalf of their overseas offices, affiliates and their banks or financial institutions abroad.

Since all commercial banks operating in Oman are licensed to carry on commercial banking only, and in view of the policy of the Central Bank of Oman to regulate the investment/merchant banking activities in the Sultanate, all licensed banks are therefore, enjoined to desist from advertising in the media or through other means services related to the activities pertaining to the scope of investment/merchant banking, only after obtaining a clear approval from the Central Bank of Oman.