MUSCAT, 30 December 2014 – Bank Muscat, the flagship financial services provider in the Sultanate, has won the Best Foreign Exchange Provider in Oman award by Global Finance. Criteria for choosing the winners included transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies. The best online foreign exchange systems were also identified.
“Facing a vastly-changed marketplace, foreign exchange providers are reinventing themselves to build market share and best meet the needs of their diverse client base. The award winners provide the technology and services that corporations can rely on to manage their foreign exchange exposures in markets worldwide," the Global Finance noted.
Bank Muscat is the only bank in the Sultanate that offers a full suite of treasury products and services ranging from products linked to exchange rates, interest rates, fixed income instruments and commodities. The treasury products and services include hedging for foreign exchange requirements, managing interest rate risks, eliminating commodity price risks from businesses, offering fixed income investment opportunities across the region and globe. The premier service encompasses East Asian time as well as early New York time zones spanning all international and GCC working days.
In 2013, the bank introduced commodities hedging products in the Kingdom of Saudi Arabia. Agricultural commodity hedging as well as hedging on lead and zinc is available for customers in Oman in addition to other base metals. The bank believes that continued focus on sharing information and offering quality services to customers helps in maintaining a competitive edge.
Bank Muscat received the Best Foreign Exchange Provider in Oman award for 10 years in succession and is also the recipient of awards by all major international banks for outstanding performance in fund transfer related to foreign currencies. A multi-award winning organisation, Bank Muscat's performance has been consistently lauded by the international financial and banking community for several years.