The Chartered Bank opened in Muscat in July 1968, the day after the expiry of a 20-year monopoly over all banking in the Sultanate in favour of the British Bank of the Middle East. In September 1996 the branch moved to new premises in the prime business location next to the Oman Sheraton Hotel, Ruwi. Since march 1996 operations were centralised and are part of the Southern Gulf, Dubai administration.