01/12/2021 | Press release | Distributed by Public on 01/12/2021 04:55
Bank Muscat, the leading financial services provider in the Sultanate, continued to win multiple awards across its different lines of business and operations in recognition of its outstanding achievements and commitment to offering world-class banking services to all its customers. As a prolific innovator in the financial sector, the bank won over 30 international and local awards and accolades in 2020 continuing its excellent performance from previous years. The bank has been working steadily to further improve its excellent portfolio of services and provide greater financial inclusion across the Sultanate. A strong supporter of Public-Private Partnership, the bank has been steadily and strongly partnering the government institutions and civil society organisations to implement national goals of digital transformation and supporting the growth of Small and Medium-sized Enterprises.
The bank was listed as one of the 'Top 100 Companies in the Middle East' by Forbes Middle East after earlier being ranked among the Forbes Top 25 listed companies in Oman. In 2020, the bank was honoured for its pioneering role in the field of corporate social responsibility (CSR), sustainability and community service at the Fourth Oman Forum for Partnership and Social Responsibility. Bank Muscat was also honoured by the Ministry of Social Development for its efforts in supporting the ministry's services and programmes in the field of supporting people with disabilities.
Consistently winning prestigious awards and accolades helps Bank Muscat set benchmarks in performance and adopt new initiatives to stretch operational excellence. It is important to note that the bank is a repeat winner of the Best Bank in Oman category from several prestigious international publications based on its growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Bank Muscat won the Best Bank in Oman awards from Global Finance, The Banker, EMEA Finance, Euromoney, Asiamoney and Oman Economic Review in 2020. Also, as a winner of the Best Consumer Digital Bank in Oman from Global Finance, the Best Lending Implementation Award from The Asian Banker and the Best Client Innovation Award from Infosys Finacle, the bank's pioneering role in bringing state-of-the-art technology to its customers has been well recognised on the global stage.
Bank Muscat Private, targeted at ultra-high net-worth individuals (UHNIs), won the prestigious Best Private Bank in Oman award from PWM/The Banker for the third straight year in recognition of the bank's exceptional breadth and depth of wealth-management solutions. The Bank also won similar Best Private Bank in Oman awards from Global Finance and EMEA Finance.
Bank Muscat won the Best Trade Finance Bank in Oman 2020 from Global Trade Review magazine in recognition of the services provided by its Global Trade Services (GTS) division. It was also chosen as the Best Trade Finance Services Provider in a survey conducted by Euromoney. Recognising its other excellent offerings for the corporate sector, the bank also won awards for the Best Bank for SMEs in Oman as well as the Best Corporate and Investment Bank from Asiamoney. The bank was also recognised as the Safest Bank in Oman by US-based Global Finance in its ranking of the safest banks in 112 countries across the world.
JP Morgan recognised the bank's operational excellence in processing dollar payments and outstanding error-free rate for remittance transactions with two Elite Quality Recognition awards in 2020. A similar award from Wells Fargo validated the bank's commitment to highest standards for fund transfers.
Going forward, the bank is focused on improving competitiveness as well as product and service quality. With a deep understanding of customer needs and driven by robust policies to achieve global best practices, Bank Muscat is focused on strategic initiatives to confront challenges and further increase its market share. The bank continues to be well appreciated for its performance across its various lines of business and operations, thereby cementing its systemically important place in supporting different sectors in Oman.