BankMuscat Bahrain Branch - Anniversary Celebration

BankMuscat celebrated its first year of successful operations in the Kingdom of Bahrain. The event was held under the patronage of H.E. Sheikh Ahmed bin Mohammed Al- Khalifa, Governor of the Bahrain Monetary Agency. The Chairman of BankMuscat, Sheikh AbdulMalik bin Abdullah Al Khalili addressing the gathering, said that Bahrain has proven to be a promising market for BankMuscat and the bank has been well accepted in all the market segments.

Sheikh Khalili added "Over the past 20 years, BankMuscat has registered remarkable progress by way of mergers, acquisitions and organic growth, to attain a predominant position in the banking community of Oman. The dominance in the single market with a market share of 35% leaves little scope or rationale for further domestic expansion. We are therefore focusing on a strategy to diversify our revenue resources and risks internationally. Bahrain being the hub of financial activity in the region, has always been our target market".

BankMuscat as a whole has preformed very well during the year 2002, registering a growth of 200% in net profits. The bank has won several awards including Best Bank in Oman, Best place to work, Best CEO, etc.

In February 2002, BankMuscat acquired the operations of ABN Amro Bank in the Kingdom. The success of Bahrain Branch validated the bank's strategy for future international expansion.

Mr. Abdul Razak Ali Issa, the Chief Executive of the bank confirmed "Bahrain Branch is contributing positively towards the Bank's bottom line. The operations have stabilized. The branch is in the process of upgrading technology platform and product range".

The Function was attended by a large number of officials from the banking and business community in Bahrain.

Mr. Pierre Wolmarans, Bahrain Branch CE mentioned, "While consumer banking is likely to become the bank most visible product line in Bahrain, we will continue to maintain ongoing market presence in all sectors of Corporate Banking, Private Banking, Treasury, Trade Finance and Structured Finance Divisions". The bank is currently in the process of expanding the retail banking products.

BankMuscat has a mission of becoming a leading regional bank in the GCC market in the next five years time. They plan further GCC / regional branch expansion

The support of Bahrain Monetary Agency, the administrative authorities, correspondent banks and the patronage of the business community is appreciated by all the stakeholders of BankMuscat.