Bank Muscat

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Bank Muscat
TypePublic
IndustryFinance and Insurance
FoundedMuscat
Headquarters
Muscat
,
Oman
Key people
Sheikh Waleed Khamis Al Hashar, CEO[1]
ProductsFinancial services
RevenueIncrease US$ 1.5 billion (2018)[2]
Increase US$ 469 million (2018)[2]
Total assetsIncrease US$ 31.9 billion (2018)[2]
Number of employees
3,779[2]
Websitewww.bankmuscat.com

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]

Operations[]

The international operations consist of a branch each in Riyadh, Saudi Arabia and Kuwait and representative offices in Dubai, UAE and Singapore.[4] The Bank has whole ownership of Muscat Capital, a brokerage and investment banking entity in Saudi Arabia,[5] and a 11.8% a stake in Silkbank in Pakistan.[6]

Recognition[]

Bank Muscat was voted the ‘Best Bank in Oman’ for seven years by The Banker, ;[citation needed] nine years in a row by .[citation needed] Bank Muscat is the recipient of the Hewitt[clarification needed] recognition as the Middle East’s Best Employer 2009.[citation needed] 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.[citation needed] In 2004, Bank Muscat became the first bank in the Middle East to be completely ISO 9000:2000 certified.[citation needed]

International issues[]

In 2013, the bank was hit by a $39 million fraud scheme using prepaid travel cards accessed from outside of Oman.[7] This led to an impairment charge impacting 10.5% of Bank Muscat's earnings for the period.[8]

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.[9]

References[]

  1. ^ "Company Overview of bank muscat". Retrieved 29 June 2019.
  2. ^ Jump up to: a b c d "Bank Muscat on the Forbes Global 2000 List". forbes.com.
  3. ^ "Global Finance Magazine - Best Banks In The Middle East 2019: Sunny Outlook". Global Finance Magazine. Retrieved 29 June 2019.
  4. ^ "International Operations Group". Bank Muscat. Retrieved 29 June 2019.
  5. ^ "Muscat Capital launches real estate fund". Times of Oman. 25 December 2017. Retrieved 29 June 2019.
  6. ^ "Arif Habib Corp acquires 28% stake in Silkbank". The Express Tribune. 9 December 2015. Retrieved 29 June 2019.
  7. ^ "Bank Muscat hit by $39m ATM cash-out heist". www.theregister.co.uk. Retrieved 29 June 2019.
  8. ^ "Oman's Bank Muscat Hit By $39m Prepaid Card Fraud". Gulf Business. 26 February 2013. Retrieved 29 June 2019.
  9. ^ Lederman, Josh; Lee, Matthew (June 6, 2018). "Secret Obama-era permit let Iran convert funds to dollars". The Associated Press. 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.

External links[]

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