Ubhar Capital (U Capital), one of the leading asset management and brokerage firm in Oman and Gulf Investment Services Holding (GIS) have entered into an agreement to enable Ubhar Capital to acquire Gulf Baader Capital Markets (GBCM). GBCM is a subsidiary company of Gulf Investment Services Holding.
Following the acquisition, both the entities will be merged to operate as Ubhar Capital. The transaction has been approved by the Board of Directors of both U Capital and GBCM and is subject to approval from the Capital Market Authority (CMA). This will bring together two leading investment services firms in Oman with combined assets under management and custody assets of $1.3 billion and brokerage market share of 32 per cent in the Muscat Securities Market as of February 2020. The merged entity will continue to focus on four business segments of Asset Management, Corporate Finance, Brokerage and Custody Services covering local and regional markets.
“The 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. I would like to thank both the CMA and MSM for their continued support during this transaction,” said Abdulaziz al Balushi, Chairman of Ubhar Capital.
“Ubhar Capital has a well-defined strategy to develop its financial services to better serve its clients and help develop the Omani Capital Market. The acquisition of Gulf Baader Capital Markets by Ubhar Capital will create a new market leader that has the financial strength and the knowledge base to greatly benefit its clients and develop its staff. The new entity will have the best of both companies’ professional skills and knowledge to capitalized on future opportunities,” Hatim al Shanfari, Chairman, Gulf Investment Services Holding
“I am proud of the Ubhar Capital team and its achievements. This transaction will further solidify our position as a leading player in the investment banking sector in Oman. We will ensure smooth integration both in terms of personnel and systems in order to have seamless transition of Gulf Baader Capital Markets clients to Ubhar Capital. 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.