MUSCAT : Bank of Beirut will end its banking operations in Oman after nearly two decades, following regulatory approval for the Lebanese lender to wind down its presence in the Sultanate.
The bank said in a notice published in Oman’s Official Gazette on Sunday, August 23, that it had received the necessary regulatory approval to terminate its banking business under Articles 214 and 215 of the Banking Law issued by Royal Decree No. 2/2025.
The Central Bank of Oman has also approved the publication of the notice announcing the termination of the bank’s operations.
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Bank of Beirut called on all depositors to approach its branch within 60 days, from August 23 until October 23, 2026, to submit documented claims and complete procedures related to their accounts.
Customers have been asked to withdraw account balances and deposits and settle any outstanding obligations during the period.
After the October 23 deadline, any remaining claims or procedures will be handled through Al Amri Law Firm, which has been authorised to manage the process, according to the notice.
Oman banking law
Article 214 of Oman’s Banking Law states that a licensed bank cannot voluntarily liquidate or dissolve itself, or terminate its banking operations in the Sultanate, without first submitting an application to the Central Bank of Oman.
Under Article 215, the Central Bank may approve an application for liquidation or termination and prescribe procedures it considers necessary. It may also reject an application or revoke an approval if stipulated conditions or regulatory instructions are breached.
From expansion to a single branch
Bank of Beirut received approval from Oman’s central bank in March 2006 to establish a branch in the country and began operations in December that year with capital of $26 million and a team of 20 employees.
During its first three years in Oman, the bank financed projects with a combined value of about RO450 million. By 2010, corporate banking accounted for around 85% of its business in the Sultanate, while retail banking represented about 15%. It later expanded its services to small and medium-sized enterprises.
The lender subsequently expanded its physical presence, operating six branches by 2018, including locations in Shatti Al Qurum, Al Ghubra, Al Mouj, Barka and Sohar. Its workforce had grown to around 150 employees, about 95% of whom were Omanis.
The bank began reducing its loan portfolio in Oman in 2019 and gradually scaled back its branch network. It had four branches in 2023 before reducing its presence to a single branch by the end of December 2024.
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