Rasmala Holdings has shut its retail brokerage in an effort to reduce costs, it said yesterday.
Rasmala will instead focus on institutional equity sales amid dwindling demand for buying and selling shares among the general public.
"The retail operation was always a secondary part of our business. We found it too much of an operational headache to maintain, combined with higher costs and added risk," said Ali al Shihabi, the chairman of Rasmala Investment Bank.
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