The National Bank of Oman JSC was established under registration no. 1003704 with an initial capital of OMR 500,000 and commenced operations with two branches in 1973. WJ Towell & Co. and Bank of America were the Bank's initial principal shareholders, with holdings of 51 per cent and 39 per cent respectively. In 1987, Bank of Credit and Commerce International (Luxembourg) Holdings SA (BCCI) acquired Bank of America's 39 per cent stake. In 1991, when the operations of BCCI were suspended, the Bank was re-capitalised by the Omani Government. In 2003, Suhail Bahwan Group (SBG) acquired a 35 per cent holding of the Bank through a private issue of share capital. In 2005, SBG and certain other minority shareholders divested part of their holdings to Commercial Bank of Qatar, which currently holds 34.9 per cent of the Bank's issued share capital.