Bank Muscat is a financial services provider in the
Sultanate of Oman providing
corporate banking,
retail banking
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
,
investment banking
Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated wit ...
,
treasury,
private banking and
asset management
Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...
. The bank, with assets worth
US$ 31.9 billion in 2018, has the largest network in Oman exceeding 150 branches.
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 a 11.8% a 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.
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
The euro (symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . T ...
via
United States dollars, something not normally permitted due to
United States sanctions against Iran.
References
External links
*
{{Authority control
1982 establishments in Oman
Banks established in 1982
Banks of Oman
Companies based in Muscat, Oman