Bank Muscat
{{Short description|Financial services company of Oman}}
{{more citations needed|date=May 2017}}
{{Infobox company
| name = Bank Muscat
| logo = Bank_Muscat_logo.svg
| type = Public
| founder =
| key_people = Sheikh Waleed Khamis Al Hashar, CEO{{cite web|url=https://www.bloomberg.com/research/stocks/private/people.asp?privcapId=9857350|title=Company Overview of bank muscat |accessdate=29 June 2019}}
| industry = Finance and Insurance
| products = Financial services
| revenue = {{profit}} US$ 2.2 billion (2024){{cite web|url=https://www.forbes.com/companies/bank-muscat/|title=Bank Muscat on the Forbes Global 2000 List|work=forbes.com}}
| net_income = {{profit}} US$ 499.5 million (2024)
| assets = {{profit}} US$ 36.4billion (2024)
| foundation = {{Start date and age|1974}} {{Cite web |title=BankMuscat - About Us |url=http://bankmuscat.com/htm/aboutus/profile.shtml |url-status=dead |archive-url=https://web.archive.org/web/20020802055038/http://bankmuscat.com/htm/aboutus/profile.shtml |archive-date=2002-08-02 |access-date=2002-08-02 |website=BankMuscat}}
| location_city = Muscat
| location_country = Oman
| homepage = {{url |https://www.bankmuscat.com/ }}
}}
Bank Muscat is a financial services provider in the Sultanate of Oman providing corporate banking, retail banking, investment banking, treasury, private banking and asset management. The bank, with assets worth US$ 31.9 billion in 2018, has the largest network in Oman exceeding 150 branches.{{cite web|url=https://www.gfmag.com/magazine/may-2019/best-banks-middle-east-2019-sunny-outlook|title=Global Finance Magazine - Best Banks In The Middle East 2019: Sunny Outlook|work=Global Finance Magazine|accessdate=29 June 2019}} As of 2022, the bank has more than 2 million customers, 174 branches, and more than 800 points of interaction, {{Cite web |date=2022-06-23 |title=It’s a whole new ballgame: Financial institutions and their customers have changed the way we do banking |url=https://www.pennlive.com/news/2022/06/its-a-whole-new-ballgame-financial-institutions-and-their-customers-have-changed-the-way-we-do-banking.html |access-date=2025-03-26 |website=pennlive |language=en}}including automated teller machines (ATM), deposit machines (CDM), and full-function machines (FFM).{{Cite web|lang=en|url=https://timesofoman.com/article/123388-bank-muscat-wins-best-retail-bank-in-oman-award-at-mena-banking-excellence-awards-2022|title=Bank Muscat wins Best Retail Bank in Oman Award at MENA Banking Excellence Awards 2022|website=Times Of Oman|access-date=2024-03-31|archive-date=2022-11-20|archive-url=https://web.archive.org/web/20221120104517/https://timesofoman.com/article/123388-bank-muscat-wins-best-retail-bank-in-oman-award-at-mena-banking-excellence-awards-2022}}
Operations
The international operations consist of a branch each in Riyadh, Saudi Arabia and Kuwait and representative offices in Dubai, UAE and Singapore.{{cite web |title=International Operations Group |url=https://www.bankmuscat.com/en/about/pages/intloperations.aspx |publisher=Bank Muscat |accessdate=29 June 2019}} The Bank has whole ownership of Muscat Capital, a brokerage and investment banking entity in Saudi Arabia,{{cite web|url=https://timesofoman.com/article/124593|title=Muscat Capital launches real estate fund|date=25 December 2017|work=Times of Oman|accessdate=29 June 2019}} and a 11.8% stake in Silkbank in Pakistan.{{cite web|url=https://tribune.com.pk/story/1006469/arif-habib-corp-acquires-28-stake-in-silkbank/|title=Arif Habib Corp acquires 28% stake in Silkbank|date=9 December 2015|work=The Express Tribune|accessdate=29 June 2019}}
Recognition
Bank Muscat was voted the ‘Best Bank in Oman’ for seven years by The Banker,{{Cite web |title=Bank of the Year Awards - Oman |url=https://www.thebanker.com/content/850a7fb4-51fe-5ace-a8d3-25cc1e49ab96 |access-date=2025-03-26 |website=www.thebanker.com |language=en}} FT London{{Cite web|lang=en|url=https://www.omanobserver.om/article/88657/Business/bank-muscat-wins-global-benchmark-bank-of-the-year-award-by-banker|title=Bank Muskat wins global benchmark Bank of the Year award by Banker|website=Oman Observer|access-date=2024-03-31|archive-date=2024-03-31|archive-url=https://web.archive.org/web/20240331172004/https://www.omanobserver.om/article/88657/Business/bank-muscat-wins-global-benchmark-bank-of-the-year-award-by-banker}}{{Cite web|lang=ar|url=https://albayanmagazine.com/%d8%aa%d8%aa%d9%88%d9%8a%d8%ac-%d8%a8%d9%86%d9%83-%d9%85%d8%b3%d9%82%d8%b7-%d8%a8%d8%ac%d8%a7%d8%a6%d8%b2%d8%a9-%d8%a7%d9%84%d8%aa%d9%85%d9%8a%d8%b2-%d9%81%d9%8a-%d8%aa%d9%82%d8%af%d9%8a%d9%85-%d8%a7/?lang=en|title=Bank Muscat honored with an award for exellence in service delivery|website=Albayan Magazine|access-date=2024-03-31|archive-date=2024-03-31|archive-url=https://web.archive.org/web/20240331172529/https://albayanmagazine.com/%D8%AA%D8%AA%D9%88%D9%8A%D8%AC-%D8%A8%D9%86%D9%83-%D9%85%D8%B3%D9%82%D8%B7-%D8%A8%D8%AC%D8%A7%D8%A6%D8%B2%D8%A9-%D8%A7%D9%84%D8%AA%D9%85%D9%8A%D8%B2-%D9%81%D9%8A-%D8%AA%D9%82%D8%AF%D9%8A%D9%85-%D8%A7/?lang=en}}{{Cite web |title=Bank Muscat wins global banking benchmark award |url=https://timesofoman.com/article/73955-bank-muscat-wins-global-banking-benchmark-award |access-date=2025-03-26 |website=Times of Oman |language=en}} nine years in a row by Global Finance and Euromoney.{{Cite web |date=2022-08-15 |title=Bank Muscat wins Best Bank in Oman Award from Euromoney |url=https://www.omanobserver.om/article/1123677/business/banking/bank-muscat-wins-best-bank-in-oman-award-from-euromoney |access-date=2025-03-26 |website=Oman Observer |language=en}}{{Cite web |last=Posts |first=Muscat Daily |date=2021-02-27 |title=Bank Muscat wins top award from Global Finance |url=https://www.muscatdaily.com/2021/02/27/bank-muscat-wins-top-award-from-global-finance/ |access-date=2025-03-26 |website=Muscat Daily |language=en}} Bank Muscat is the recipient of the Hewitt recognition as the Middle East’s Best Employer 2009.{{Cite web |title=BankMuscat One of the Region’s Best Employers |url=https://www.khaleejtimes.com/business/bankmuscat-one-of-the-regions-best-employers |access-date=2025-03-26 |website=Khaleej Times |language=en}} The Bank was declared an Investor in People (IiP) organisation in January 2007, becoming the first banking organisation in the MENA region to be awarded the global recognition. In 2004, Bank Muscat became the first bank in the Middle East to be completely ISO 9000:2000 certified.{{Cite web |date=2005-11-21 |title=BankMuscat to Open Branch in Riyadh |url=https://www.arabnews.com/node/276255 |access-date=2025-03-26 |website=Arab News |language=en}} In 2022, the bank was ranked among the top 30 banks in the region by Forbes Middle East.{{Cite web|lang=en|url=https://timesofoman.com/article/123388-bank-muscat-wins-best-retail-bank-in-oman-award-at-mena-banking-excellence-awards-2022|title=Bank Muscat wins Best Retail Bank in Oman Award at MENA Banking Excellence Awards 2022|website=Times of Oman|access-date=2024-03-31|archive-date=2022-11-20|archive-url=https://web.archive.org/web/20221120114159/https://timesofoman.com/article/123388-bank-muscat-wins-best-retail-bank-in-oman-award-at-mena-banking-excellence-awards-2022}}
International issues
In 2013, the bank was hit by a $39 million fraud scheme using prepaid travel cards accessed from outside of Oman.{{cite web|url=https://www.theregister.co.uk/2013/03/01/bank_muscat_atm_mega_fraud/|title=Bank Muscat hit by $39m ATM cash-out heist|work=www.theregister.co.uk|accessdate=29 June 2019}} This led to an impairment charge impacting 10.5% of Bank Muscat's earnings for the period.{{cite web|url=https://gulfbusiness.com/omans-bank-muscat-hit-by-39m-prepaid-card-fraud/|title=Oman's Bank Muscat Hit By $39m Prepaid Card Fraud|date=26 February 2013|work=Gulf Business|accessdate=29 June 2019}}
In 2016, the United States Department of the Treasury secretly issued a license to Bank Muscat to convert $5.7 billion in Iranian overseas reserves from Omani rials into euros via United States dollars, something not normally permitted due to United States sanctions against Iran.{{cite news |url=https://apnews.com/27e8179cf10140dca7eb86b3488f01e2 |publisher=The Associated Press |first1=Josh |last1=Lederman |first2=Matthew |last2=Lee |date=June 6, 2018 |title=Secret Obama-era permit let Iran convert funds to dollars |quote=The Treasury Department license, issued in February 2016 and never disclosed, would have allowed Iran to convert $5.7 billion it held at Oman’s Bank of Muscat from Omani rials into euros by exchanging them first into dollars.}}
References
{{Reflist}}
External links
- {{Official website|https://www.bankmuscat.com}}
{{Portal|Banks}}
{{Authority control}}
Category:1982 establishments in Oman
Category:Banks established in 1982