Bank Muscat to exit India’s MKSL

February 12, 2014 6:35 am

Omani lender, Bank Muscat has initiated the process of exiting its investment in Mangal Keshav Securities Limited (MKSL), a brokerage company in India, after the board of directors approved the move in November last year, Muscat Daily has reported. The move will be implemented through buyback of shares and is expected to be completed in 2014, it said. The bank has already taken the full impairment loss of OR2.7m in its 2013 financial statements against this investment.