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     The company subsidiary Gulf Baader Capital Markets acquires brokerage business of Bank Muscat

    Dec 30, 2014 08:43 AM

    Gulf Investment Services Holding Co. SAOG would like to inform the market that its subsidiary company, Gulf Baader Capital Markets SAOC (GBCM) has acquired the Oman based brokerage business of Bank Muscat which provides brokerage services for securities traded on the Muscat Securities Market (MSM) and other GCC markets on mutually agreeable terms. The acquisition has been made as part of GBCM's strategy to further reinforce its dominant position in the institutional and corporate brokerage business and strengthen its position in the retail brokerage business. The Company has received the necessary approval from Capital Market Authority for this acquisition and the process of opening of brokerage accounts of erstwhile customers of Bank Muscat is expected to be completed in the first quarter of 2015. 

     GBCM expects the acquisition to be beneficial to its shareholders in the medium to long term.