MUSCAT: Amid reports of shutting down some of its markets across the globe due to cost cutting measures, British multinational investment bank HSBC has confirmed that it’s operations in Oman are “running smoothly”, English daily Times of Oman reported on Thursday.
On Wednesday, Reuters reported that HSBC is considering selling its Turkey business amid concerns about the country’s volatile currency and economic outlook. The report also said the bank is also seeking to sell or shrink its business in some other markets including those in countries like Armenia, Greece and Oman.
However, a senior official at the bank in Muscat without giving a clarification on the closure was quoted as saying in the Times of Oman: “We refrain from commenting on this and we can confirm that the bank’s operations are going all normally in Oman.”
Meanwhile, the bank’s retreat from Turkey, where it has operated since 1990, would be one of the biggest exits from a country where it has already shrunk its presence from some 315 branches and around 6,000 staff in 2013 to around 80 branches and 2,000 staff as of September last year, according to data from the Banks Association of Turkey.