Bank Mus­cat wins ‘Best For­eign Ex­change Provider in Oman’ award

Muscat Daily - - BUSINESS -

Mus­cat – Bank Mus­cat has won the Best For­eign Ex­change Provider in Oman award by Global Fi­nance. The award cri­te­ria in­cluded trans­ac­tion vol­ume, mar­ket share, scope of global cov­er­age, cus­tomer ser­vice, com­pet­i­tive pric­ing and in­no­va­tive tech­nolo­gies, in­clud­ing on­line for­eign ex­change sys­tems.

In a press re­lease, Ab­dul­lah al Hi­nai, gen­eral man­ager – whole­sale bank­ing at Bank Mus­cat, said, “In recog­ni­tion of ser­vice ex­cel­lence, Bank Mus­cat is de­lighted to win the Best For­eign Ex­change Provider in Oman award by Global Fi­nance. The Trea­sury & Cap­i­tal Mar­kets (T&CM) di­vi­sion main­tains lead­er­ship po­si­tion in Oman as Bank Mus­cat is the only bank in the coun­try to of­fer a full suite of trea­sury prod­ucts and ser­vices on 24/7 ba­sis. The bank is fo­cused on of­fer­ing niche ser­vice to sus­tain a com­pet­i­tive edge for clients.”

The bank’s in­no­va­tive trea­sury prod­ucts and ser­vices in­clude hedg­ing for for­eign ex­change re­quire­ments, man­ag­ing in­ter­est rate risks, elim­i­nat­ing com­mod­ity price risks from busi­nesses and of­fer­ing fixed in- come in­vest­ment op­por­tu­ni­ties across the re­gion and globe.

The ser­vice en­com­passes East Asian time as well as early New York time zones span­ning all in­ter­na­tional and GCC work­ing days.

The T&CM di­vi­sion fa­cil­i­tated Oman’s first oil hedg­ing deal in 2016 to create value for the coun­try.

Bank Mus­cat is a con­sis­tent win­ner of the Best For­eign Ex­change Provider in Oman award as well as awards by all ma­jor in­ter­na­tional banks for out­stand­ing per­for­mance in er­ror-free re­mit­tance and fund trans­fer.

The bank’s per­for­mance has been con­sis­tently lauded by the in­ter­na­tional fi­nan­cial and bank­ing com­mu­nity for sev­eral years.

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