This article needs additional citations for verification .(May 2017) |
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]
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]
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]
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]
The economy of Oman is mainly centered around its oil sector, with fishing and trading activities located around its coastal regions. When oil was discovered in 1964, the production and export increased significantly. The government has made plans to diversify away from oil under its privatization and Omanization policies. This has helped raise Oman's GDP per capita continuously in the past 50 years. It grew 339% in the 1960s, reaching a peak growth of 1,370% in the 1970s. Similar to the pricing of all other commodities, the price of oil is subject to significant fluctuations over time, especially those associated with the business cycle. A commodity's price will rise sharply when demand, like that for oil, outpaces supply; meanwhile, when supply outpaces demand, prices will fall.
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Fidelity National Information Services, Inc. (FIS) is an American multinational corporation which offers a wide range of financial products and services. FIS is most known for its development of Financial Technology, or FinTech, and as of Q2 2020 it offers its solutions in three primary segments: Merchant Solutions, Banking Solutions, and Capital Market Solutions. Annually, FIS facilitates the movement of roughly $9 trillion through the processing of approximately 75 billion transactions in service to more than 20,000 clients around the globe.
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