MUSCAT, NOV 16
Ubhar Capital SAOC (U Capital) has announced the completion of the merger between U Capital and GBCM. The merged entity has started to operate as Ubhar Capital SAOC. The merger brings together two leading investment services firms in Oman with combined assets under management and custody of $1.2 billion and U Capital will continue to be the leading broker in the Muscat Securities Market.
U Capital is owned by strong shareholders, comprising: Oman International Development & Investment Company SAOG (Ominvest), Arab Bank (Switzerland) Ltd and Jabreen Capital with an ownership pattern of (36 per cent), (34 per cent) and (30 per cent) respectively.
The merged entity will continue to focus on key business segments of Asset Management, Corporate Finance, Wealth Management, Brokerage/Research and Custody Services.
The highly complementary investment banking capabilities of Ubhar Capital and GBCM will strengthen the combined organisation’s ability to provide services to an expanded number of clients in Oman, the region and around the globe.
“This acquisition underscores our vision for Ubhar Capital to become a premier investment bank out of Oman — with global reach and capabilities. The acquisition will also benefit from significant synergies and will create growth opportunities for Omani nationals,,” said Anwar al Jabri, Chairman of Ubhar Capital SAOC.
“I am immensely proud of the Ubhar Capital team and our achievements. This merger will further solidify our position as a leading player in the investment banking sector in Oman. The merged entity under the Ubhar Capital umbrella will create a truly exciting and comprehensive investment banking proposition and will enable our collective team to serve a far wider spectrum of clients, backed by utilising our qualified Omani human capital,” said Lo’ai Bataineh, Chief Executive Officer of Ubhar Capital SAOC.