 | |
| Company type | Public |
|---|---|
| Industry | Finance and Insurance |
| Founded | Muscat |
| Headquarters | , |
Key people | Sheikh Waleed Khamis Al Hashar, CEO[1] |
| Products | Financial services |
| Revenue |  US$ 1.5 billion (2018)[2] |
| US$ 469 million (2018)[2] | |
| Total assets | US$ 31.9 billion (2018)[2] |
Number of employees | 3,779[2] |
| Website | www |
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]
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Transcription
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];[citation needed] nine years in a row by Global Finance and Euromoney.[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] 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]
References
- ^ "Company Overview of bank muscat". Retrieved 29 June 2019.
- ^ a b c d "Bank Muscat on the Forbes Global 2000 List". forbes.com.
- ^ "Global Finance Magazine - Best Banks In The Middle East 2019: Sunny Outlook". Global Finance Magazine. Retrieved 29 June 2019.
- ^ "Bank Muscat wins Best Retail Bank in Oman Award at MENA Banking Excellence Awards 2022". Times Of Oman. Archived from the original on 2022-11-20. Retrieved 2024-03-31.
- ^ "Sheikh Waleed Khamis Al Hashar and Bank Muscat recognised as Best CEO and Best Managed Bank in Oman". The Asian Banker. Archived from the original on 2024-02-06. Retrieved 2024-03-31.
- ^ "International Operations Group". Bank Muscat. Retrieved 29 June 2019.
- ^ "Muscat Capital launches real estate fund". Times of Oman. 25 December 2017. Retrieved 29 June 2019.
- ^ "Arif Habib Corp acquires 28% stake in Silkbank". The Express Tribune. 9 December 2015. Retrieved 29 June 2019.
- ^ "Bank Muskat wins global benchmark Bank of the Year award by Banker". Oman Observer. Archived from the original on 2024-03-31. Retrieved 2024-03-31.
- ^ "Bank Muscat honored with an award for exellence in service delivery". Albayan Magazine (in Arabic). Archived from the original on 2024-03-31. Retrieved 2024-03-31.
- ^ "Bank Muscat wins Best Retail Bank in Oman Award at MENA Banking Excellence Awards 2022". Times of Oman. Archived from the original on 2022-11-20. Retrieved 2024-03-31.
- ^ "Bank Muscat hit by $39m ATM cash-out heist". www.theregister.co.uk. Retrieved 29 June 2019.
- ^ "Oman's Bank Muscat Hit By $39m Prepaid Card Fraud". Gulf Business. 26 February 2013. Retrieved 29 June 2019.
- ^ 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
This page was last edited on 31 March 2024, at 17:55