Oman Central Bank Circular No. BM838/1998

Opening of Branches in GCC Countries

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To: All Local Commercial Banks

Subject: Opening of Branches in GCC Countries

The Central Bank of Oman is pleased to circulate herewith the Policy Guidelines set in pursuance of AGCC Heads of States’ decision to allow locally incorporated banks of GCC countries to have branches inter-se.

Banks are advised to be guided by them and also the requirements specified in Oman Regulation No. BM41/10/1997, as contained in Oman Central Bank Circular No. BM829/1997 dated November 29, 1997, wherever applicable.

Policy Governing the Opening of Branches in Other GCC States by Locally Incorporated Banks

Article 1 - Definitions

  1. Gulf Cooperation Council (GCC) means the Arab Gulf Cooperation Council.

  2. Member States means Member States of the Gulf Cooperation Council.

  3. Home Country means the Member State in which the Head Office of the National Bank is situated.

  4. Host Country means the Member State in which the national bank branch will be opened.