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StanChart may sell Oman retail unit

Standard Chartered Bank may soon be selling its retail banking business in Oman. However, it has given up a plan to close its Islamic retail business in Bahrain. The bank, which earns most of its profits in Asia, will retain its corporate and institutional clients in Oman. The bank may offer the stake to locan banks in Oman, according to sources. Standard Chartered is scaling back after two years of falling profit amid slower economic growth in Asia. However, it has reversed a decision to exit from its Islamic retail business in Bahrain after it faced regulatory hurdles.

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