MUSCAT, 21 April 2018
Bank Muscat, the flagship financial services provider in the Sultanate, has once again notched a unique distinction, winning four prestigious Emeafinance awards - Best Bank, Best Investment Bank, Best Asset Manager and Best Private Bank in Oman. Omar Al Musafir, Chief Representative Officer, UAE Representative Office, received the awards at the ceremony held in Dubai attended by senior bankers from the region.
Abdul Razak Ali Issa, Chief Executive, said: “Bank Muscat is proud to win the four Emeafinance awards, which highlight performance excellence and innovative strategic initiatives. Time and again, the performance of Bank Muscat is endorsed by the global banking community. The awards reflect the consistency of performance and the Bank prides itself in its deep understanding of customer needs, offering financial expertise and guidance at all levels. In step with the dynamic vision 'To serve you better, everyday', Bank Muscat is focused on customer-centric initiatives to retain the competitive edge in the market."
Bank Muscat has a highly rated team of investment banking professionals, which forms the basis of its position as a partner of choice. During 2017, the Bank's efforts in enhancing the strategic financing alternatives of corporates and developing the capital markets yielded superior results and global recognition. Marking a successful year, the Investment Banking division completed transactions of an aggregate value of US$7.3 billion, including a number of first-of-their-kind transactions.
The Private Equity & Asset Management division, which notched USD 2.5 billion assets under management (AUM) in 2017, is among the leading asset managers in the GCC. The Oryx Fund finished the year with the best performance among peer group generating a return of 13.8% compared to a decline of 0.7% for the benchmark S&P GCC Index. It grew by more than 40% in 2017 to surpass USD 50 million and is amongst the largest funds in the GCC.
Bank Muscat Private banking provides a wide range of wealth management solutions, including investment, wealth structuring, advisory and banking across multiple jurisdictions around the globe and diverse asset classes. The wealth management strategy is built on the key pillars of relationship, a wide array of investment products and niche banking services. The strategy reflects the Bank's commitment to expand innovative services to Premier Banking clients and provide a distinct banking experience.
Consistently winning prestigious local, regional and global awards, Bank Muscat continues to set benchmarks in performance. A keen perception of customer requirements enables the Bank to focus on developing products and services in line with the current and emerging needs. The Bank posted a net profit of RO 44.81 million for the three months ended 31 March 2018 compared to RO 44.23 million reported during the same period in 2017, an increase of 1.3%.