Bank Muscat
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| Company type | Public |
|---|---|
| Industry | Finance and Insurance |
| Founded | Muscat |
| Headquarters | , |
Key people | AbdulRazak Ali Issa, CEO |
| Products | Financial Services |
| Revenue |  US$ 1.4 Billion (2016)[1] |
| US$ 459 Million (2016) | |
| Total assets | US$ 28.1 Billion (2016) |
Number of employees | 3,024 |
| Website | www |
Bank Muscat is the leading[according to whom?] financial services provider in the Sultanate of Oman with a presence in corporate banking, retail banking, investment banking, treasury, private banking and asset management. The bank, with assets worth US$28.1 billion in 2016, has the largest network in Oman exceeding 130 branches, 386 ATMs, 131 CDMs and 4500 PoS terminals as well as a brokerage subsidiary BankMuscat Direct.[citation needed]
The international operations consist of a branch each in Riyadh, Saudi Arabia and Kuwait and a representative office in Dubai, UAE. Bank Muscat currently owns 49% of BMI Bank B.S.C ©, an independent bank in Bahrain. The Bank also has a 43% stake in the Mangal Keshav Group, one of the oldest and most respected securities houses in the fast-growing Indian equities market, 97% stake in Muscat Capital LLC, a brokerage and investment banking entity in Saudi Arabia, besides a stake in Silkbank Ltd. in Pakistan.[citation needed]
Bank Muscat was voted the ‘Best Bank in Oman’ for seven years by The Banker, FT London;[citation needed] nine years in a row by Global Finance and Euromoney.[citation needed] Bank Muscat is the recipient of the Hewitt[clarification needed] recognition as the Middle East’s Best Employer 2009.[citation needed] 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.[citation needed] In 2004, Bank Muscat became the first bank in the Middle East to be completely ISO 9000:2000 certified.[citation needed]
In February 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.[2]
References
- ^ "Bank Muscat on the Forbes Global 2000 List". forbes.com.
- ^ Lederman, Josh; Lee, Matthew (June 6, 2018). "Secret Obama-era permit let Iran convert funds to dollars". The Associated Press.
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.