25th Jun 2009 07:43
Sub: Bank Muscat receives approval for setting up securities house in Saudi Arabia.
"BankMuscat through it subsidiary Muscat Securities House Company "MSH" has recently received the approval to commence business from the Capital Market Authority in the Kingdom of Saudi Arabia. This commencement letter authorizes MSH to offer the following businesses:
Dealing as principal and underwriting,
Managing funds as well as client portfolio,
Arranging,
Advising,
Custody,
Tadwaul, the securities market in the Kingdom, has also intimated MSH that it has successfully passed the OMS certifications. This will enable us to seek the authorization from CMA to offer Dealing as an agent. MSH has been incorporated in the Kingdom of Saudi Arabia to offer full securities service inline with Saudi regulations. The company is a "Greenfield" operation and expects the growth of business to happen over a period of time."
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