BankMuscat

Bank Muscat
Type	Public
Industry	Finance and Insurance
Founded	Muscat
Headquarters	Muscat , Oman
Key people	Sheikh Waleed Khamis Al Hashar, CEO [1]
Products	Financial Services
Revenue	US$ 1.5 billion (2018) [2]
Net income	US$ 469 million (2018) [2]
Total assets	US$ 31.9 billion (2018) [2]
Number of employees	3,779 [2]
Website	www.bankmuscat.com

Last updated June 30, 2019

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]

Oman, officially the Sultanate of Oman, is an Arab country on the southeastern coast of the Arabian Peninsula in Western Asia. Its official religion is Islam.

Retail banking, also known as consumer 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 services which are regarded as retail include provision of savings and transactional accounts, mortgages, personal loans, debit cards, and credit cards. Retail banking is also distinguished from investment banking or commercial banking. It may also refer to a division or department of a bank which deals with individual customers.

An investment bank is a financial services company or corporate division that engages in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of securities. An investment bank may also assist companies involved in mergers and acquisitions (M&A) and provide ancillary services such as market making, trading of derivatives and equity securities, and FICC services. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses. As an industry, it is broken up into the Bulge Bracket, Middle Market, and boutique market.

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]

Riyadh or Riad is the capital of Saudi Arabia and Riyadh Province. It is the largest city in Saudi Arabia and one of the most populated cities in the Arab world, with a population of 6.9 million people as of 2018. It is one of the largest Arab cities in area, at a size of 1,913 square kilometers. Riyadh is located on the eastern part of the Najd plateau at about 600 metres above sea level.

Saudi Arabia, officially the Kingdom of Saudi Arabia, is a country in Western Asia constituting the bulk of the Arabian Peninsula. With a land area of approximately 2,150,000 km² (830,000 sq mi), Saudi Arabia is geographically the largest sovereign state in the Middle East, the second-largest in the Arab world, the fifth-largest in Asia, and the 12th-largest in the world. Saudi Arabia is bordered by Jordan and Iraq to the north, Kuwait to the northeast, Qatar, Bahrain, and the United Arab Emirates to the east, Oman to the southeast and Yemen to the south; it is separated from Israel and Egypt by the Gulf of Aqaba. It is the only nation with both a Red Sea coast and a Persian Gulf coast, and most of its terrain consists of arid desert, lowland and mountains. As of October 2018, the Saudi economy was the largest in the Middle East and the 18th largest in the world. Saudi Arabia also enjoys one of the world's youngest populations; 50 percent of its 33.4 million people are under 25 years old.

Kuwait, officially the State of Kuwait, is a country in Western Asia. Situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, it shares borders with Iraq and Saudi Arabia. As of 2016, Kuwait has a population of 4.5 million people: 1.3 million are Kuwaitis and 3.2 million are expatriates. Expatriates account for 70% of the population.

Recognition

Bank Muscat was voted the ‘Best Bank in Oman’ for seven years by The Banker, FT London;^{[ 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 ]}

The Banker is a British English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London, United Kingdom. The magazine was first published in January 1926 through founding Editor, Brendan Bracken of the Financial News, who went on to become the chairman of the Financial Times from 1945-1958.

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]

The Department of the Treasury (USDT) is an executive department and the treasury of the United States federal government. Established by an Act of Congress in 1789 to manage government revenue, the Treasury prints all paper currency and mints all coins in circulation through the Bureau of Engraving and Printing and the United States Mint, respectively; collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy.

The Omani rial is the currency of Oman. It is divided into 1000 baisa.

United States sanctions against Iran Trade restrictions levied by the United States government

The United States applies economic, trade, scientific and military sanctions against Iran. U.S. economic sanctions are administered by the U.S. Office of Foreign Assets Control. Currently, the U.S. sanctions against Iran include an embargo on dealings with the country by the U.S., and a ban on selling aircraft and repair parts to Iranian aviation companies.

Related Research Articles

The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. With total assets of US$ 1.1 trillion, it is one of the biggest banks in the world. ING is an abbreviation for Internationale Nederlanden Groep.

Malayan Banking Berhad is a Malaysian universal bank, with key operating "home markets" of Malaysia, Singapore, Philippines and Indonesia. According to the Brand Finance report, Maybank is Malaysia's most valuable bank brand, the fifth top brand in Asean and ranked 83rd in the world’s most valuable bank brands.

Ping An Insurance known also as Ping An of China, full name Ping An Insurance (Group) Company of China, Ltd. is a Chinese holding conglomerate whose subsidiaries mainly deal with insurance, banking, and financial services. The company was founded in 1988 and has its headquarters in Shenzhen. "Ping An" literally means "safe and well".

Oversea-Chinese Banking Corporation, Limited, abbreviated as OCBC Bank (华侨银行), is a multinational banking and financial services corporation headquartered in OCBC Centre, Singapore. OCBC Bank was born out of the Great Depression through the consolidation of three banks in 1932 - the Chinese Commercial Bank Limited, the Ho Hong Bank Limited and the Oversea-Chinese Bank Limited. OCBC Bank has assets of more than S$467.5 billion, making it the second largest bank in Southeast Asia by assets and among the larger banks in Asia-Pacific. It is also one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s and AA- rating from Standard & Poor's. OCBC Bank is consistently ranked amongst the top 5 Safest Banks in the world by Global Finance Magazine. The Asian Banker named OCBC Bank Singapore's strongest bank for 2018-2019, and the 5th strongest in Asia-Pacific. The bank's global network has grown to comprise more than 570 branches and representative offices in 18 countries and regions. These include over 320 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and more than 100 branches and offices in Hong Kong, China and Macao under OCBC Wing Hang Bank. OCBC Bank is Singapore's oldest bank.

The Dubai-based Mashreqbank psc is the oldest privately owned bank in the United Arab Emirates. Founded as the Bank of Oman in 1967, Mashreq was the first UAE bank to install ATM cash dispensers, the first to issue debit and credit cards and the first to introduce consumer loans. Today Mashreq provides conventional and Islamic personal banking services including deposits, loans and credit cards; conventional and Islamic investment banking services including corporate finance and investment advisory on mergers and acquisitions, initial in public offering and underwriting; conventional and Islamic asset management services including wealth management.

Saman Bank is a privately owned Iranian bank. It is listed on the Tehran Stock Exchange

The Saudi British Bank (SABB) is a Riyadh-based Saudi joint stock company in which British banking firm HSBC Holdings PLC owns a minority stake. The bank traces its origins to the British Bank of the Middle East which was acquired by HSBC in 1959. In response to restrictions on foreign ownership of banks in Saudi Arabia, SABB was created in 1978 to manage HSBC branches and assets in the country.

IRAN former (Persia)

The Central Bank Iran (CBI), also known as Bank Markazi, officially the Central Bank of the Islamic Republic of Iran is the central bank of Iran.

The Saudi Hollandi Bank (SHB) is a bank based in Saudi Arabia. It was the first operating bank in the Kingdom of Saudi Arabia and was founded in 1926 as a branch of the Netherlands Trading Society.

Natixis is a French corporate and investment bank created in November 2006 from the merger of the asset management and investment banking operations of Natexis Banque Populaire and IXIS.

Sberbank CIB is a multinational investment banking and asset management firm headquartered in Moscow, Russia, and a subsidiary of Sberbank. It was founded in Moscow in 1991, and was formerly known as Troika Dialog.

EFG Hermes Holding S.A.E. is an Egyptian investment bank present in the Middle East and North Africa (MENA) region and specializes in securities brokerage, asset management, investment banking, private equity and research. EFG Hermes serves a range of clients including sovereign wealth funds, endowments, corporations, financial institutions, high-net-worth clients and individual customers. EFG Hermes is listed on the Egyptian Exchange (EGX) and London (LSE) stock exchanges. EFG Hermes has offices in Egypt, the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), Qatar, Oman, Kuwait, Jordan and Lebanon with over 800 people from 25 nationalities. They serve clients from the Middle East, North Africa, Europe and the United States. EFG Hermes owns a 63.7% majority stake in the Lebanese commercial bank, Credit Libanais.

Dubai Banking Group is the global shari'a compliant financial investor of Dubai Group with assets valued at over USD 10 billion. The group was established in 2007 when Dubai Islamic Investment Group, founded in 2004, and Dubai Bank, founded in 2002, consolidated their activities to form Dubai Banking Group.

The BankMuscat Brokerage is the leading brokerage firm in Oman, with a 13% market share in 2010 based on volume traded, ranking them as the number 1 Brokerage Company on the Muscat Securities Market (MSM) for 9 out of the last 10 years and a subsidiary of BankMuscat. Its brokerage team services foreign and domestic entities, high net worth individuals and retail clients.

Asadollah Asgaroladi is a business magnate in Iran with business interests in exports, banking, real estate and healthcare. He is the richest person in Iran, with a net worth of $9 billion.

HSBC Saudi Arabia Limited is a joint venture between The Saudi British Bank (SABB) and HSBC Holdings plc, established in 2005, as a limited liability company headquartered in Riyadh, Saudi Arabia with a share capital of SAR 50 million.

Tadhamon International Islamic Bank is a Yemeni Stock Company that offers banking and integrative investing services and activities locally and internationally that abide by Islamic Banking Standards.

Banque Saudi Fransi (BSF) is a Saudi Joint Stock Company established by Royal Decree No. M/23 dated June 4, 1977.

Oman Arab Bank SAOC is a bank in Oman. It is jointly owned by Ominvest and the Arab Bank Group. It was the third largest bank in Oman by net profit in 2011. The bank operates through more than 60 branches and offices across Oman.

References

↑ "Company Overview of bank muscat" . Retrieved 29 June 2019.
1 2 3 4 "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.
↑ "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 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

Official website

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.

[1] "Company Overview of bank muscat" . Retrieved 29 June 2019.

[F2000-2] 1 2 3 4 "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.