British lender Standard Chartered is reportedly considering the sale of its retail banking business in Oman and has shelved a plan to close its Islamic retail business in the Gulf nation of Bahrain.
The sale in Oman, where the UK-based bank has three branches and employs about 100 people, may be offered to local banks but StanChart will retain its corporate and institutional clients in the country, reported a Bloomberg.
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The decision to scale back comes after two years of falling profit amid slower economic growth in Asia which shook up the top management with chairman John Peace, CEO Peter Sands, Asia head Jaspal Bindra and Viswanathan Shankar, head of Europe, Middle East, Africa and Americas, all seeking to leave.
According to the report, StanChart has decided to reverse a decision to exit from its Islamic retail business in Bahrain after it encountered certain regulatory hurdles.
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