BankMuscat Wins "Best Bank Award"

BankMuscat, the lead bank in Oman has been adjudged 'The Best Bank' in the country by three major international banking and finance publications.

At the Fourth Global Finance - Best Bank Awards Ceremony held during the Annual Meetings of the IMF and World Bank in Washington D.C. in September last year, Mr. Mark Johnson, Editor, Global Finance Inc., New York presented the Best Bank Award to sheikh AbdulMalik bin Abdullah Al Khalili, Chairman of the Bank. This is the second year in succession that the Global Finance Award is won by BankMuscat. The Award function at Washington was also attended by Chief Executive, Abdul Razak Ali Issa and Deputy Chief Executive, J S George.

Another reputed publication Financial Times, London - The Banker Magazine awarded "The Bank of the Year - Country Award" to BankMuscat for the year 2001 and 2002.

During the year 2002 BankMuscat achieved the unique distinction of winning a third 'Best Bank' award from "Euromoney."

Besides the Best Bank Awards BankMuscat was adjudged the "Best Place to Work" in a recent survey by the magazine - Business Today. "While ensuring consistent growth profile for the Bank, employee sentiments and staff motivation remained one of our priority concerns" says Sheikh AbdulMalik bin Abdullah Al Khalili, Chairman.

Abdul Razak Ali Issa, Chief Executive of the Bank was awarded the Best CEO of the year in a survey - 'Best in Business' - concluded recently. Abdul Razak attributes the award with a magnanimous quote 'The team is the key factor for success. Identify the right people, give them high targets and the freedom to achieve them. The focus is to be on the Bank, its performance and the team that actually makes it all happen.'

The emergence of BankMuscat in 2000 as, by far, the largest Bank in the country and a regional player, has placed the Bank in a unique advantage of being projected as the prime provider of financial services and the "preferred bank" in Oman.

The Bank was rated during the year by all the four rating agencies, Capital Intelligence, Fitch IBCA, Moody's and Standard & Poor's.

According to Abdul Razak, the Bank's philosophy is to provide transparent and meaningful disclosures in its financial statements. The bank has in the last few years adopted International Accounting Standards before they were mandatory. The rating agencies and industry analysts appreciate the bank's disclosures in its financial statements. The Bank values the comments and concerns of the agencies.

The ratings issued by all the above agencies for BankMuscat are the highest assigned to an Omani bank.

The Bank's increasing emphasis on expanding international trade finance business, proactive moves in cross-border treasury operations and prominent involvements in prestigious global syndications have led to establishment of wider correspondent banking network. The Bank has bilateral relationships with over 100 banks globally.

The extent scope and reach of BankMuscat's international operations have been boosted after opening of a branch in Bahrain. Bahrain operations being in the hub of the financial markets of this region, has the potential to grow significantly.

The Bangalore branch set up in 1998 has established a good reputation among the foreign banks operating in India. Introduction of innovative banking products and realistic operational strategy ensured success for the bank's overseas venture. BankMuscat is hopeful of upgrading the Dubai office into a full-fledged branch in the near future.