According to a notice published in the Official Gazette No. 1,559, Habib Bank Shut down it’s Operation.The closure of the bank’s branches in Oman is based on Article 84 of the Banking Law as provided for in Royal Decree No. 114 of 2000. The closure was approved by the Central Bank of Oman, which facilitated the process by issuing an official notice regarding the suspension of the bank’s activities in the country.
As part of the closure, Habib Bank Limited has called on all depositors and individuals with claims against the bank to submit their documents and claims between August 18, 2024 and October 20, 2024.
According to ProPakistani Website The decision is in line with Articles 82 and 84 of the Banking of Oman Law, which provides for the voluntary winding up and liquidation of banking institutions. Article 82 allows banks to voluntarily shut down it’s operation with the approval of the Central Bank of Oman, while Article 84 requires them to give at least 60 days’ notice to depositors and creditors before the expiry of claims. Habib Bank Limited was established in Pakistan in 1974 and is one of the oldest commercial banks in the region. It has expanded worldwide, with over 1,728 branches across the globe. In 2004, the bank was privatized, with the Aga Khan Fund for Economic Development acquiring a majority stake. The remaining shares were sold by the Pakistani government. The decision to cease operations in Oman follows a strategic restructuring by the bank that aims to consolidate its operations and focus on Pakistan’s domestic market. The move is part of a broader strategy in which the bank also plans to close branches in the United States, France and Seychelles and to end operations in Afghanistan, Lebanon and Mauritius, the newspaper said.
HBL has focus on local operations and in recent years has undertaken various initiatives such as the establishment of HBL Konnect and HBL Zarai Services. The bank operates over 1,700 branches across the country.
