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Commercial Bank of Oman gets new chairman

MUSCAT: Commercial Bank of Oman has appointed a new chairman, Mohsin Haider Darwish, after his predecessor stepped down, a bank statement said on Monday.

It said the board of directors unanimously appointed Darwish, who is also chairman of Al Ahlia Insurance Co and former chairman of Bank of Oman, Bahrain and Kuwait before it merged with Commercial Bank in 1998.

A senior bank official said the previous chairman, Mohamed bin Musa al-Yousef, stepped down to give the bank "new leadership".

The bank has 66 local branches and reported a net profit of 9.16 million rials ($23.8 million) in 1999, compared with 11.7 million rials the previous year. Its paid up capital is 55.6 million rials. -Reuters