BankMuscat opens new branch at Salalah 23rd July Road Branch

BankMuscat, the nation's premier bank, has a new addition to its wide network in Oman. Under the patronage of H.H. Sheikh Ahmed bin Mubarak Shmas,Advisor in Governer of Dhofar Office recently inaugurated a new branch in Salalah 23rd July Road. Several dignitaries, government officials, bank officers and residents of Salalah were present.

Speaking on the occasion, Mr. AbdulRazak Ali Issa, Chief executive, BankMuscat, welcomed the gathering. He explained how BankMuscat's policy of expansion was in line with governmental directives of economic diversification. "The banking sector is currently facing many challenges, faced with globalization and developments in international commerce. It is our duty to be pro-active and stay abreast of these changes," he said.

Mr. Abdulrazak Ali Issa also touched on the rich historical heritage of Salalah, as the hub of maritime trade in ancient times. Owing to its strategic location, it continues to be an important industrial center. BankMuscat is a main sponsor to the ongoing Salalah Khareef Festival 2003 which has attracted visitors from Oman as well as neighoboring countries.

The financial performance of BankMuscat in recent times also received special mention. The Bank achieved a net profit of RO 22.9 million for the year ended December 31, 2001. Total assets amounted to more than RO 1.5 billion, including RO 153 million as shareholders' funds. In short, the Bank's performance has been commendable, with a 5.5% increase in profit. A high Omanization level of 91% is another milestone. "The results of the 1st six months of this year look very promising and will be declared in a few days" added the Chief Executive.

As a leading corporate citizen, BankMuscat has several achievements to its credit. The launch of the 7% Bonds has been a huge success. BankMuscat is the chief financier for major projects such as the Manah and Barka power plants, the privatization of Seeb Airport and the Salalah port and airport. The Bank also has the distinction of being appointed the Clearing Bank by MSM.

The Bank has invested in state-of-the-art technology to lead the way in e-banking, providing customers with facilities for the ultimate in banking convenience.

At the end of the celebration, H.H. Sheikh Ahmed bin Mubarak Shmas cut the ribbon, declaring the branch officially open. This was followed by a short explanation by Mr. Ali Jama Ismail, Regional Manager - Dhofar Region on the new branch's structure of operations and services offered. Mr. Abdulrazak highlighted the importance of e-banking in today's world. He said that a center for training was available at the new location to improve the staff's level of performance.

Customers in Salalah now have a BankMuscat branch at their doorstep, offering a spectrum of products and services. "All our efforts are geared towards 'customer delight', said the Regional Manager of BankMuscat - Dhofar Region.