"The Banker' Award For BankMuscat"

The business magazine of Financial Times, London, The Banker, now In its 76'th year of publication, held the " Banker of the Year Awards " ceremony at a glittering dinner reception at the Dorchester Hotel, London, last week. The large representation of the global banking fraternity was present to witness what has become an important event in the banking calendar.

"The awards reflect the bank's performance, innovation, strategy and achievements and is given to the best bank in each country" said Mr. Simon Timewell, Editor of The Banker. BankMuscat, the largest bank in the Sultanate of Oman, had the honour of receiving this award for the year 2001. Mr. Abdulrazak Ali Issa, Chief Executive was invited to receive the award on behalf of the bank.

The citation for BankMuscat read " The bank has emerged as the largest bank in the Sultanate of Oman following its merger with Commercial Bank of Oman, one of the few occasions in the Gulf region where the attempt at banking consolidation has reached a successful conclusion. The bank is now poised to take full advantage of its dominant position, with a large customer base and 35% share of all loans and advances ".

"BankMuscat has grown at a compounded annual rate of over 25% in terms of assets and net profits over the last seven years. We will maintain our strong domestic position with the aid of significant technology upgrades, new software to speed up trade finance transactions, a 24-hour call center and branch expansion within the region", said Abdulrazak Ali Issa after receiving the award.

BankMuscat was recently in the news over the take over of Al Ahlia Securities Company SAOG, a 100% subsidiary of Onic Holding SAOG. When and if the deal goes through, it will be the first ever take-over of a brokerage firm by a bank in the Sultanate, and will be a cheering development for restoring investor confidence.

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