Global Finance Declares BankMuscat ‘Best Foreign Exchange Bank & Provider In Oman’ For The Second Time Running.
 

BMuscat, December 2004: New York based magazine, Global Finance Inc., has declared BankMuscat (SAOG), the nation’s premier bank, the ‘The Best Foreign Exchange Bank & Provider In Oman’, for the year 2005. BankMuscat, it may be recalled, had won the same distinction last year as well.

Speaking on the occasion, AbdulRazak Ali Issa chief executive of BankMuscat (SAOG) said:

“BankMuscat fully recognizes the need to provide world-class products and services across the different lines of business offered by the Bank. With the GCC economies widely considered to be amongst the fastest growing across the world, and the global currency trading markets growing in leaps and bounds, the Bank sees its Treasury Services as a core growth engine in the years to come. Our winning of the Global Finance award for the second successive year, is testimony to our efforts to continually bring the finest Treasury products and services to our valued family of customers in Oman and across the countries in which we operate.”

The awardees were declared on the basis of a survey conducted by Global Finance editors, together with industry analysts, corporate executives and technology experts who selected the best currency trading providers in 70 countries based on: transaction volumes, scope of global coverage, customer service, competitive pricing and innovative technologies.

Commenting on the importance of the foreign exchange market in today’s financial world, Joseph D. Giarraputo, publisher and president of Global Finance said,

“The global foreign exchange market continues to evolve in response to economic, political and technological forces, as well as to changes within the banking industry itself. (Through this exercise, Global Finance) has identified banks that large global companies can rely on for their FX needs.”

The average daily turnover of the global foreign exchange market has reached US $2 trillion, according to experts at Global Finance.

Other winners of ‘Best Foreign Exchange Banks’ country awards in the region include: Arab Banking Corporation (Bahrain), National Bank of Kuwait (Kuwait), Qatar National Bank (Qatar), Arab National Bank (Saudia Arabia) and the National Bank of Dubai (UAE).

The BankMuscat Treasury department offers its clientele a sophisticated range of money market products including currency options and derivatives, which are tailored to meet specific customer requirements. The treasury department is equipped with a state-of-art dealing room and is manned by a team of leading professionals from across the region and the Indian sub-continent. The department releases regular market updates on the global currency markets, which are prepared after much in-depth research of fundamental and technical strengths and trend analysis of the key currencies in question.

About BankMuscat:
BankMuscat (SAOG) is the largest banking entity in Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. BankMuscat has a market share of 36.73% in terms of total assets, 37.64% of total credit, 35.52% of total deposits and 34.6%of savings deposits in the Sultanate as on 30 September 2004. The Bank has a network of 90 branches in Oman, a branch in Bahrain and a representative office in Dubai (UAE). The Bank has also recently acquired a 33% stake in Centurion Bank, a new private sector bank in India.

The international financial and banking community has lauded BankMuscat’s performance and pioneering efforts at setting new standards of excellence in the Banking industry in Oman and in the countries in which it operates across the region for several years now. The Bank was awarded the ‘Best Corporate Bank’ and ‘Best Retail Bank’ in Oman by The Banker Middle East magazine in February this year. BankMuscat also holds the rare distinction of being voted the ‘Best Bank’ in Oman by The Banker and Global Finance Inc., for the fourth time in a row and three times by EUROMONEY magazine. The Bank was also awarded the People Development Award 2003, at the Oman Awards for Excellence.