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Oman's CMA to push for banks' consolidation
- Oman: Wednesday, February 27 - 2013 at 02:00
Oman's Capital Market Authority (CMA) has called for consolidating the country's crowded financial sector, aiming in the long term for local banks to build a regional presence in the Gulf region, Reuters has reported. "Maybe we are overbanked in a way, so limiting the number of banks would be better for the market, especially for banks starting from scratch," Abdullah Salem Al Salmi, CMA's executive president, said. "We would like to see some consolidation." Growth in the banking sector has slowed. Assets in commercial banks in Oman grew 13.9% in 2012, compared with 17.6% in 2011, according to data released by central bank.
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