In recognition of distinctive brand-building initiatives, BankMuscat has been voted the Best Brand in the banking segment in the annual Best Brands in Oman survey conducted by Business Today magazine.

BankMuscat took an unassailable lead over its nearest competition scoring 520 points in the top management choice compared to the runner-up which received only 130 points. In the popular choice, the Bank scored 4270 points as against the 790 points scored by the second place winner.

“As every year, BankMuscat is way ahead of the rest. Few brands have seen such complete domination. BankMuscat has clearly emerged the favourite among people from all walks of life, irrespective of their age or position. What is most commendable is the margin by which BankMuscat has won the top spot,” the business magazine said, hailing the Bank as the titan in the banking segment.

Mohammed Mubarak Al Hassani, Head - Corporate Communications, said: “The recognition as the top brand is a tribute to the largest banking family in Oman which has played a key role in establishing BankMuscat as the first choice for banking services. The emotional chord emanating from the brand has helped BankMuscat products and services to evolve over the years in tandem with specific customer requirements.”

Al Hassani added: “BankMuscat recognises that building strong brand equity is an important recipe for success. The brand is associated with its commitment to the development of Omani citizens and society. BankMuscat strongly believes in the need for bringing about a positive change in the lives of different segments of society.”

Al Hassani said: “The BankMuscat brand possesses the characteristics of innovation and creativity. The brand has evolved over time to become a brand personality. The brand possesses youthful and smart characteristics acquired through effective communication and initiatives which take into account the wishes of customers.”

The brand recall for BankMuscat was among the highest compared to previous years. Among the top management survey respondents, 40 per cent of Omanis and 57 per cent of expatriates endorsed BankMuscat. In the popular choice, 52 per cent of Omanis and 54 per cent of expatriates voted for BankMuscat. The survey findings were mainly based on unaided recall, which implied superb brand exposure, indicating a clear competitive advantage in the brand space.

In the top management category, a cross-section of executives at the level of chairmen, CEOs and general managers across industries were asked to spontaneously recall one brand in each category. In the popular choice category, a cross-section of people across Muscat were randomly selected from executives to senior managers to ensure a healthy mix of survey respondents, including Omanis, Asian, Western and Arab expatriates.

With a brand value of $300 million, BankMuscat was ranked among the top 500 global banking brands by The Banker magazine in 2011. The Bank also won the prestigious Asia’s Best Brand award in recognition of building a successful global brand.