'After a careful strategic review we regret to inform you that Standard Chartered Bank has decided to close its retail business in the Sultanate of Oman' the bank said in an e-mail sent to certain customers.

The Standard Chartered e-mail said that the bank will be discontinuing its retail banking products and services in a phased approach.

'We will proceed with closing your current and/or savings account(s) held with us effective 150 days from the date of this letter. On the date of closure any credit balance in your account(s) will be returned to you in full through a cashiers order which will be posted directly to your mailing address registered with us. Please also note that after the closure date you will not be able to use your debit cards or cheque book neither will we be able to fulfill any outstanding post dated cheques or renew any term deposit' the e-mail said.

The bank's e-mail further added 'We remain committed to our SME and corporate and institutional banking clients in the Sultanate of Oman and we will continue to serve their corporate banking needs through our branches'.

The Standard Chartered Bank's Oman call centre operative confirmed the authenticity of the e-mails/letters being sent out to customers on Saturday evening adding that Standard Chartered is changing its retail banking strategy in Oman.

Earlier this month Muscat Daily had reported that Standard Chartered may close its retail banking operations in Oman and all Standard Chartered Bank credit cards in Oman will be cancelled shortly. E-mails SMSes and letters are being sent out in a phased manner to inform all Omani and non-Omani customers about the decision by the bank to close down its credit card operations Muscat Daily reported earlier.

A Bloomberg report in April quoted three sources as saying that Standard Chartered Plc is seeking to sell its retail banking business in Oman.