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StanChart closes Omani credit card ops

Standard Chartered Bank Oman has informed its customers to settle their accounts within 150 days as it closes its credit card operations in the country. All Standard Chartered Bank credit cards in Oman will be cancelled shortly. E-mails, SMSes and letters are being sent out in a phased manner to inform all Omani and non-Omani customers about the decision. Earlier, news reports had suggested that StanChart is seeking to sell its retail banking business in Oman while it may retain its corporate and institutional clients. The bank is scaling back after two years of falling profit amid slower economic growth in Asia. The Middle East, North Africa and Pakistan accounted for about 10% of Standard Chartered’s revenue in 2014.

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