Bank Muscat Explained

Bank Muscat
Type:Public
Key People:Sheikh Waleed Khamis Al Hashar, CEO[1]
Industry:Finance and Insurance
Products:Financial services
Revenue: US$ 1.5 billion (2018)[2]
Net Income: US$ 469 million (2018)
Assets: US$ 31.9 billion (2018)
Num Employees:3,779
Foundation:Muscat
Location City:Muscat
Location Country:Oman

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.[3] 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).[4] Assets for 2021 were $34 billion and net income was $493 million.[5]

Operations

The international operations consist of a branch each in Riyadh, Saudi Arabia and Kuwait and representative offices in Dubai, UAE and Singapore.[6] The Bank has whole ownership of Muscat Capital, a brokerage and investment banking entity in Saudi Arabia,[7] and a 11.8% stake in Silkbank in Pakistan.[8]

Recognition

Bank Muscat was voted the ‘Best Bank in Oman’ for seven years by The Banker, FT London[9] [10] ; 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 certified. In 2022, the bank was ranked among the top 30 banks in the region by Forbes Middle East.[11]

International issues

In 2013, the bank was hit by a $39 million fraud scheme using prepaid travel cards accessed from outside of Oman.[12] This led to an impairment charge impacting 10.5% of Bank Muscat's earnings for the period.[13]

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.[14]

Notes and References

  1. Web site: Company Overview of bank muscat . 29 June 2019.
  2. Web site: Bank Muscat on the Forbes Global 2000 List. forbes.com.
  3. Web site: Global Finance Magazine - Best Banks In The Middle East 2019: Sunny Outlook. Global Finance Magazine. 29 June 2019.
  4. Web site: en. Bank Muscat wins Best Retail Bank in Oman Award at MENA Banking Excellence Awards 2022. Times Of Oman. 2024-03-31. 2022-11-20. https://web.archive.org/web/20221120104517/https://timesofoman.com/article/123388-bank-muscat-wins-best-retail-bank-in-oman-award-at-mena-banking-excellence-awards-2022.
  5. Web site: en. Sheikh Waleed Khamis Al Hashar and Bank Muscat recognised as Best CEO and Best Managed Bank in Oman. The Asian Banker. 2024-03-31. 2024-02-06. https://web.archive.org/web/20240206061756/https://www.theasianbanker.com/updates-and-articles/best-ceo-and-managed-bank-awards-oman-2022.
  6. Web site: International Operations Group . Bank Muscat . 29 June 2019.
  7. Web site: Muscat Capital launches real estate fund. 25 December 2017. Times of Oman. 29 June 2019.
  8. Web site: Arif Habib Corp acquires 28% stake in Silkbank. 9 December 2015. The Express Tribune. 29 June 2019.
  9. Web site: en. Bank Muskat wins global benchmark Bank of the Year award by Banker. Oman Observer. 2024-03-31. 2024-03-31. https://web.archive.org/web/20240331172004/https://www.omanobserver.om/article/88657/Business/bank-muscat-wins-global-benchmark-bank-of-the-year-award-by-banker.
  10. Web site: ar. Bank Muscat honored with an award for exellence in service delivery. Albayan Magazine. 2024-03-31. 2024-03-31. https://web.archive.org/web/20240331172529/https://albayanmagazine.com/%D8%AA%D8%AA%D9%88%D9%8A%D8%AC-%D8%A8%D9%86%D9%83-%D9%85%D8%B3%D9%82%D8%B7-%D8%A8%D8%AC%D8%A7%D8%A6%D8%B2%D8%A9-%D8%A7%D9%84%D8%AA%D9%85%D9%8A%D8%B2-%D9%81%D9%8A-%D8%AA%D9%82%D8%AF%D9%8A%D9%85-%D8%A7/?lang=en.
  11. Web site: en. Bank Muscat wins Best Retail Bank in Oman Award at MENA Banking Excellence Awards 2022. Times of Oman. 2024-03-31. 2022-11-20. https://web.archive.org/web/20221120114159/https://timesofoman.com/article/123388-bank-muscat-wins-best-retail-bank-in-oman-award-at-mena-banking-excellence-awards-2022.
  12. Web site: Bank Muscat hit by $39m ATM cash-out heist. www.theregister.co.uk. 29 June 2019.
  13. Web site: Oman's Bank Muscat Hit By $39m Prepaid Card Fraud. 26 February 2013. Gulf Business. 29 June 2019.
  14. News: Secret Obama-era permit let Iran convert funds to dollars . . Josh . Lederman . Matthew . Lee . June 6, 2018 . The Treasury Department license, issued in February 2016 and never disclosed, would have allowed Iran to convert $5.7 billion it held at Oman’s Bank of Muscat from Omani rials into euros by exchanging them first into dollars..

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