Bank Muscat

Last updated
Bank Muscat
Company type Public
Industry Finance and Insurance
Founded1974;51 years ago (1974) [1]
Headquarters
Muscat
,
Oman
Key people
Sheikh Waleed Khamis Al Hashar, CEO [2]
Products Financial services
RevenueIncrease2.svg US$ 2.2 billion (2024) [3]
Increase2.svg US$ 499.5 million (2024) [3]
Total assets Increase2.svg US$ 36.4billion (2024) [3]
Number of employees
3,779 [3]
Website www.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. [4] 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). [5]

Contents

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

  1. ↑ "BankMuscat - About Us". BankMuscat. Archived from the original on 2002-08-02. Retrieved 2002-08-02.
  2. ↑ "Company Overview of bank muscat" . Retrieved 29 June 2019.
  3. 1 2 3 4 "Bank Muscat on the Forbes Global 2000 List". forbes.com.
  4. ↑ "Global Finance Magazine - Best Banks In The Middle East 2019: Sunny Outlook". Global Finance Magazine. Retrieved 29 June 2019.
  5. ↑ "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.
  6. ↑ "International Operations Group". Bank Muscat. Retrieved 29 June 2019.
  7. ↑ "Muscat Capital launches real estate fund". Times of Oman. 25 December 2017. Retrieved 29 June 2019.
  8. ↑ "Arif Habib Corp acquires 28% stake in Silkbank". The Express Tribune. 9 December 2015. Retrieved 29 June 2019.
  9. ↑ "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.
  10. ↑ "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.
  11. ↑ "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.
  12. ↑ "Bank Muscat hit by $39m ATM cash-out heist". www.theregister.co.uk. Retrieved 29 June 2019.
  13. ↑ "Oman's Bank Muscat Hit By $39m Prepaid Card Fraud". Gulf Business. 26 February 2013. Retrieved 29 June 2019.
  14. ↑ 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.
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