MUSCAT, 28 May 2018
Bank Muscat, the flagship financial services provider in the Sultanate, in recognition of outstanding achievements, has won the prestigious ‘Global Investor MENA Broker of the Year for Commodities’ Award for 2017.
Abdullah Al Hinai, General Manager – Wholesale Banking, said: “Bank Muscat is proud to win yet another endorsement from Global Investor, reflecting the consistency in performance of our commodities desk and the innovative strategies used to consolidate our reputation. The award reaffirms the proven ability of our commodities desk and we are optimistic about the growth prospects in challenging market conditions.”
The annual Global Investor MENA awards endorse best performers in various financial fields in terms of performance, innovation and unique offering. The award recognised ’Bank Muscat Treasury's Commodities desk based on commodities expertise, reach, products offered and pricing.
Bank Muscat is a pioneer in commodities business in the Sultanate, covering base metals, precious metals and energy hedging products. The collective experience of the team spans more than 30 years in the business. With state-of-the-art dedicated systems to manage business. The bank’s customer base spreads across the GCC, Turkey, Singapore, Indonesia and India.
The Commodities desk maintains complete order management with transparent pricing as all deals are executed on over the counter (OTC) basis offering more flexibility to customers.
Bank Muscat is one of the few banks to offer steel hedging, aluminum premium hedging and iron ore hedging. The bank is ranked among the highest volume contributors among regional banks handling more than one million tonnes of transactions annually. The bank provides insightful commodity market overviews and technical advice to customers.
With experienced dedicated dealers and back office staff, the Commodities desk is open Sunday through Friday (6 days) covering all the markets and time zones. Bank Muscat was ranked 2nd in the world in two consecutive quarters by Metal Bulletin in Base Metals Leaderboard in accurately forecasting base metals prices.