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{{Short description|Financial services company of Oman}}
{{more refs|date=May 2017}}
{{more citations needed|date=May 2017}}
{{Infobox company
{{Infobox company
| name = Bank Muscat
| name = Bank Muscat
| logo = Bank_Muscat_logo.svg
| logo = Bank_Muscat_logo.svg
| type = [[Public company|Public]]
| type = [[Public company|Public]]
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| key_people = Sheikh Waleed Khamis Al Hashar, [[CEO]]<ref>{{cite web|url=https://www.bloomberg.com/research/stocks/private/people.asp?privcapId=9857350|title=Company Overview of bank muscat |accessdate=29 June 2019}}</ref>
| key_people = Sheikh Waleed Khamis Al Hashar, [[CEO]]<ref>{{cite web|url=https://www.bloomberg.com/research/stocks/private/people.asp?privcapId=9857350|title=Company Overview of bank muscat |accessdate=29 June 2019}}</ref>
| industry = [[Finance and Insurance]]
| industry = [[Finance and Insurance]]
| products = [[Financial Services]]
| products = [[Financial services]]
| revenue = {{profit}} [[US$]] 1.5 billion (2018)<ref name="F2000">{{cite web|url=https://www.forbes.com/companies/bank-muscat/|title=Bank Muscat on the Forbes Global 2000 List|publisher=forbes.com}}</ref>
| revenue = {{profit}} [[US$]] 1.5 billion (2018)<ref name="F2000">{{cite web|url=https://www.forbes.com/companies/bank-muscat/|title=Bank Muscat on the Forbes Global 2000 List|work=forbes.com}}</ref>
| net_income = {{profit}} [[US$]] 469 million (2018)<ref name="F2000"/>
| net_income = {{profit}} [[US$]] 469 million (2018)<ref name="F2000"/>
| assets = {{profit}} [[US$]] 31.9 billion (2018)<ref name="F2000"/>
| assets = {{profit}} [[US$]] 31.9 billion (2018)<ref name="F2000"/>
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| location_city = [[Muscat, Oman|Muscat]]
| location_city = [[Muscat, Oman|Muscat]]
| location_country = [[Oman]]
| location_country = [[Oman]]
| homepage = {{url |http://www.bankmuscat.com/ }}
| homepage = {{url |https://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 [[United States dollar|US$]]31.9 billion in 2018, has the largest network in Oman exceeding 150 branches.<ref>{{cite web|url=https://www.gfmag.com/magazine/may-2019/best-banks-middle-east-2019-sunny-outlook|title=Global Finance Magazine - Best Banks In The Middle East 2019: Sunny Outlook|work=Global Finance Magazine|accessdate=29 June 2019}}</ref>
'''Bank Muscat''' is a financial services provider in the [[Sultanate of Oman]] providing [[corporate banking]], [[retail banking]], [[investment banking]], [[treasury]], [[private banking]] and [[asset management]]. The bank, with assets worth [[United States dollar|US$]] 31.9 billion in 2018, has the largest network in Oman exceeding 150 branches.<ref>{{cite web|url=https://www.gfmag.com/magazine/may-2019/best-banks-middle-east-2019-sunny-outlook|title=Global Finance Magazine - Best Banks In The Middle East 2019: Sunny Outlook|work=Global Finance Magazine|accessdate=29 June 2019}}</ref> 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).<ref>{{Cite web|lang=en|url=https://timesofoman.com/article/123388-bank-muscat-wins-best-retail-bank-in-oman-award-at-mena-banking-excellence-awards-2022|title=Bank Muscat wins Best Retail Bank in Oman Award at MENA Banking Excellence Awards 2022|website=Times Of Oman|access-date=2024-03-31|archive-date=2022-11-20|archive-url=https://web.archive.org/web/20221120104517/https://timesofoman.com/article/123388-bank-muscat-wins-best-retail-bank-in-oman-award-at-mena-banking-excellence-awards-2022}}</ref> Assets for 2021 were $34 billion and net income was $493 million.<ref>{{Cite web|lang=en|url=https://www.theasianbanker.com/updates-and-articles/best-ceo-and-managed-bank-awards-oman-2022|title=Sheikh Waleed Khamis Al Hashar and Bank Muscat recognised as Best CEO and Best Managed Bank in Oman|website=The Asian Banker|access-date=2024-03-31|archive-date=2024-02-06|archive-url=https://web.archive.org/web/20240206061756/https://www.theasianbanker.com/updates-and-articles/best-ceo-and-managed-bank-awards-oman-2022}}</ref>


== Operations ==
== Operations ==
The international operations consist of a branch each in [[Riyadh]], [[Saudi Arabia]] and [[Kuwait]] and representative offices in [[Dubai]], [[UAE]] and [[Singapore]].<ref>{{cite web |title=International Operations Group |url=https://www.bankmuscat.com/en/about/pages/intloperations.aspx |publisher=Bank Muscat |accessdate=29 June 2019}}</ref> The Bank has whole ownership of Muscat Capital, a brokerage and investment banking entity in [[Saudi Arabia]],<ref>{{cite web|url=https://timesofoman.com/article/124593|title=Muscat Capital launches real estate fund|date=25 December 2017|work=Times of Oman|accessdate=29 June 2019}}</ref> and a 11.8% a stake in Silkbank in [[Pakistan]].<ref>{{cite web|url=https://tribune.com.pk/story/1006469/arif-habib-corp-acquires-28-stake-in-silkbank/|title=Arif Habib Corp acquires 28% stake in Silkbank|date=9 December 2015|work=The Express Tribune|accessdate=29 June 2019}}</ref>
The international operations consist of a branch each in [[Riyadh]], [[Saudi Arabia]] and [[Kuwait]] and representative offices in [[Dubai]], [[UAE]] and [[Singapore]].<ref>{{cite web |title=International Operations Group |url=https://www.bankmuscat.com/en/about/pages/intloperations.aspx |publisher=Bank Muscat |accessdate=29 June 2019}}</ref> The Bank has whole ownership of Muscat Capital, a brokerage and investment banking entity in [[Saudi Arabia]],<ref>{{cite web|url=https://timesofoman.com/article/124593|title=Muscat Capital launches real estate fund|date=25 December 2017|work=Times of Oman|accessdate=29 June 2019}}</ref> and a 11.8% stake in Silkbank in [[Pakistan]].<ref>{{cite web|url=https://tribune.com.pk/story/1006469/arif-habib-corp-acquires-28-stake-in-silkbank/|title=Arif Habib Corp acquires 28% stake in Silkbank|date=9 December 2015|work=The Express Tribune|accessdate=29 June 2019}}</ref>


== Recognition ==
== Recognition ==
Bank Muscat was voted the ‘Best Bank in Oman’ for seven years by [[The Banker]], [[FT London]];{{cn|date=May 2018}} nine years in a row by [[Global Finance and Euromoney]].{{fact|date=May 2017}} Bank Muscat is the recipient of the Hewitt{{what|date=May 2017}} recognition as the [[Middle East]]’s Best Employer 2009.{{cn|date=May 2018}} 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.{{fact|date=May 2017}} In 2004, Bank Muscat became the first bank in the Middle East to be completely [[ISO 9000:2000]] certified.{{fact|date=May 2017}}
Bank Muscat was voted the ‘Best Bank in Oman’ for seven years by [[The Banker]], [[FT London]]<ref>{{Cite web|lang=en|url=https://www.omanobserver.om/article/88657/Business/bank-muscat-wins-global-benchmark-bank-of-the-year-award-by-banker|title=Bank Muskat wins global benchmark Bank of the Year award by Banker|website=Oman Observer|access-date=2024-03-31|archive-date=2024-03-31|archive-url=https://web.archive.org/web/20240331172004/https://www.omanobserver.om/article/88657/Business/bank-muscat-wins-global-benchmark-bank-of-the-year-award-by-banker}}</ref><ref>{{Cite web|lang=ar|url=https://albayanmagazine.com/%d8%aa%d8%aa%d9%88%d9%8a%d8%ac-%d8%a8%d9%86%d9%83-%d9%85%d8%b3%d9%82%d8%b7-%d8%a8%d8%ac%d8%a7%d8%a6%d8%b2%d8%a9-%d8%a7%d9%84%d8%aa%d9%85%d9%8a%d8%b2-%d9%81%d9%8a-%d8%aa%d9%82%d8%af%d9%8a%d9%85-%d8%a7/?lang=en|title=Bank Muscat honored with an award for exellence in service delivery|website=Albayan Magazine|access-date=2024-03-31|archive-date=2024-03-31|archive-url=https://web.archive.org/web/20240331172529/https://albayanmagazine.com/%D8%AA%D8%AA%D9%88%D9%8A%D8%AC-%D8%A8%D9%86%D9%83-%D9%85%D8%B3%D9%82%D8%B7-%D8%A8%D8%AC%D8%A7%D8%A6%D8%B2%D8%A9-%D8%A7%D9%84%D8%AA%D9%85%D9%8A%D8%B2-%D9%81%D9%8A-%D8%AA%D9%82%D8%AF%D9%8A%D9%85-%D8%A7/?lang=en}}</ref>;{{citation needed|date=May 2018}} nine years in a row by [[Global Finance and Euromoney]].{{citation needed|date=May 2017}} Bank Muscat is the recipient of the Hewitt{{clarify|date=May 2017}} recognition as the [[Middle East]]’s Best Employer 2009.{{citation needed|date=May 2018}} 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|date=May 2017}} In 2004, Bank Muscat became the first bank in the Middle East to be completely [[ISO 9000:2000]] certified.{{citation needed|date=May 2017}} In 2022, the bank was ranked among the top 30 banks in the region by Forbes Middle East.<ref>{{Cite web|lang=en|url=https://timesofoman.com/article/123388-bank-muscat-wins-best-retail-bank-in-oman-award-at-mena-banking-excellence-awards-2022|title=Bank Muscat wins Best Retail Bank in Oman Award at MENA Banking Excellence Awards 2022|website=Times of Oman|access-date=2024-03-31|archive-date=2022-11-20|archive-url=https://web.archive.org/web/20221120114159/https://timesofoman.com/article/123388-bank-muscat-wins-best-retail-bank-in-oman-award-at-mena-banking-excellence-awards-2022}}</ref>


== International issues ==
== International issues ==
In 2013, the bank was hit by a $39 million fraud scheme using prepaid travel cards accessed from outside of Oman.<ref>{{cite web|url=https://www.theregister.co.uk/2013/03/01/bank_muscat_atm_mega_fraud/|title=Bank Muscat hit by $39m ATM cash-out heist|work=www.theregister.co.uk|accessdate=29 June 2019}}</ref> This led to an impairment charge impacting 10.5% of Bank Muscat's earnings for the period. <ref>{{cite web|url=https://gulfbusiness.com/omans-bank-muscat-hit-by-39m-prepaid-card-fraud/|title=Oman's Bank Muscat Hit By $39m Prepaid Card Fraud|date=26 February 2013|work=Gulf Business|accessdate=29 June 2019}}</ref>
In 2013, the bank was hit by a $39 million fraud scheme using prepaid travel cards accessed from outside of Oman.<ref>{{cite web|url=https://www.theregister.co.uk/2013/03/01/bank_muscat_atm_mega_fraud/|title=Bank Muscat hit by $39m ATM cash-out heist|work=www.theregister.co.uk|accessdate=29 June 2019}}</ref> This led to an impairment charge impacting 10.5% of Bank Muscat's earnings for the period.<ref>{{cite web|url=https://gulfbusiness.com/omans-bank-muscat-hit-by-39m-prepaid-card-fraud/|title=Oman's Bank Muscat Hit By $39m Prepaid Card Fraud|date=26 February 2013|work=Gulf Business|accessdate=29 June 2019}}</ref>


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 rial]]s into [[euros]] via [[United States dollars]], something not normally permitted due to [[United States sanctions against Iran]].<ref>{{cite news |url=https://apnews.com/27e8179cf10140dca7eb86b3488f01e2 |publisher=[[The Associated Press]] |first=Josh |last=Lederman |first2=Matthew |last2=Lee |date=June 6, 2018 |title=Secret Obama-era permit let Iran convert funds to dollars |quote=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.}}</ref>
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 rial]]s into [[euros]] via [[United States dollars]], something not normally permitted due to [[United States sanctions against Iran]].<ref>{{cite news |url=https://apnews.com/27e8179cf10140dca7eb86b3488f01e2 |publisher=[[The Associated Press]] |first1=Josh |last1=Lederman |first2=Matthew |last2=Lee |date=June 6, 2018 |title=Secret Obama-era permit let Iran convert funds to dollars |quote=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.}}</ref>


==References==
==References==
{{reflist}}
{{Reflist}}


==External links==
==External links==
*{{official|http://www.bankmuscat.com}}
*{{Official website|https://www.bankmuscat.com}}
{{Portal|Banks}}
{{Portal|Banks}}
{{Authority control}}


[[Category:1982 establishments in Oman]]
[[Category:1982 establishments in Oman]]
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[[Category:Banks of Oman]]
[[Category:Banks of Oman]]
[[Category:Companies based in Muscat, Oman]]
[[Category:Companies based in Muscat, Oman]]
[[Category:Companies in the MSM 30]]

Latest revision as of 17:56, 31 March 2024

Bank Muscat
Company 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

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]

Operations

[edit]

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

[edit]

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

[edit]

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

[edit]
  1. ^ "Company Overview of bank muscat". Retrieved 29 June 2019.
  2. ^ a b c d "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. ^ "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.
  5. ^ "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.
  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.
[edit]
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