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Bank Muscat

Financial services company of Oman

Field	Value
name	Bank Muscat
logo	Bank_Muscat_logo.svg
type	Public
key_people	Sheikh Waleed Khamis Al Hashar, CEO
industry	Finance and Insurance
products	Financial services
revenue	US$ 2.2 billion (2024)
net_income	US$ 499.5 million (2024)
assets	US$ 36.4billion (2024)
num_employees	3,779
foundation
location_city	Muscat
location_country	Oman
homepage

Bank Muscat is a financial services provider in the Sultanate of Oman providing corporate banking, retail banking, investment banking, treasury, private banking and asset management. The bank, with assets worth US$ 31.9 billion in 2018, has the largest network in Oman exceeding 150 branches. As of 2022, the bank has more than 2 million customers, 174 branches, and more than 800 points of interaction,including automated teller machines (ATM), deposit machines (CDM), and full-function machines (FFM).

Operations

The international operations consist of a branch each in Riyadh, Saudi Arabia and Kuwait and representative offices in Dubai, UAE and Singapore. The Bank has whole ownership of Muscat Capital, a brokerage and investment banking entity in Saudi Arabia, and an 11.8% stake in Silkbank in Pakistan.

Recognition

Bank Muscat was voted the ‘Best Bank in Oman’ for seven years by The Banker, FT London nine years in a row by Global Finance and Euromoney. Bank Muscat is the recipient of the Hewitt recognition as the Middle East's Best Employer 2009. The Bank was declared an Investor in People (IiP) organisation in January 2007, becoming the first banking organisation in the MENA region to be awarded the global recognition. In 2004, Bank Muscat became the first bank in the Middle East to be completely ISO 9000:2000 certified. In 2022, the bank was ranked among the top 30 banks in the region by Forbes Middle East.

International issues

In 2013, the bank was hit by a $39 million fraud scheme using prepaid travel cards accessed from outside of Oman. This led to an impairment charge impacting 10.5% of Bank Muscat's earnings for the period.

In 2016, the United States Department of the Treasury secretly issued a license to Bank Muscat to convert $5.7 billion in Iranian overseas reserves from Omani rials into euros via United States dollars, something not normally permitted due to United States sanctions against Iran.

References

"Company Overview of bank muscat".
"Bank Muscat on the Forbes Global 2000 List". forbes.com.
"BankMuscat - About Us".
"Global Finance Magazine - Best Banks In The Middle East 2019: Sunny Outlook". Global Finance Magazine.
(2022-06-23). "It's a whole new ballgame: Financial institutions and their customers have changed the way we do banking".
"Bank Muscat wins Best Retail Bank in Oman Award at MENA Banking Excellence Awards 2022".
"International Operations Group". Bank Muscat.
(25 December 2017). "Muscat Capital launches real estate fund". Times of Oman.
(9 December 2015). "Arif Habib Corp acquires 28% stake in Silkbank". The Express Tribune.
"Bank of the Year Awards - Oman".
"Bank Muskat wins global benchmark Bank of the Year award by Banker".
"Bank Muscat honored with an award for excellence in service delivery".
"Bank Muscat wins global banking benchmark award".
(2022-08-15). "Bank Muscat wins Best Bank in Oman Award from Euromoney".
Posts, Muscat Daily. (2021-02-27). "Bank Muscat wins top award from Global Finance".
"BankMuscat One of the Region's Best Employers".
(2005-11-21). "BankMuscat to Open Branch in Riyadh".
"Bank Muscat wins Best Retail Bank in Oman Award at MENA Banking Excellence Awards 2022".
"Bank Muscat hit by $39m ATM cash-out heist". www.theregister.co.uk.
(26 February 2013). "Oman's Bank Muscat Hit By $39m Prepaid Card Fraud". Gulf Business.
(June 6, 2018). "Secret Obama-era permit let Iran convert funds to dollars". [[The Associated Press]].

Info: Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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