Bank Muscat

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]

Bank Muscat
TypePublic
IndustryFinance and Insurance
FoundedMuscat
Headquarters
Muscat
,
Oman
Key people
Sheikh Waleed Khamis Al Hashar, CEO[1]
ProductsFinancial services
RevenueIncrease US$ 1.5 billion (2018)[2]
Increase US$ 469 million (2018)[2]
Total assetsIncrease US$ 31.9 billion (2018)[2]
Number of employees
3,779[2]
Websitewww.bankmuscat.com

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% stake in Silkbank in Pakistan.[6]

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.[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]

References
  1. "Company Overview of bank muscat". Retrieved 29 June 2019.
  2. "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.
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