BankMuscat operations in Kuwait set to boost bilateral trade, investment
The Kuwait operations of BankMuscat, the leading financial services provider in the Sultanate, was formally launched under the auspices of Sheikh Ali Al Jaber Al Sabah, Governor of the Capital of Kuwait, on 18 October (Monday). The inauguration of the state-of-the-art branch was attended by diplomats, dignitaries, senior government and private sector officials, chairman, chief executive and top management team of BankMuscat. The new branch marks BankMuscat’s extension of footprint in the GCC region, covering all six countries through direct and indirect network entities. The branch currently offers corporate banking, trade and treasury services. The focus is to support the growth of the Kuwait economy, particularly investment and trade flows between Kuwait and Oman. Sheikh AbdulMalik bin Abdullah Al Khalili, Chairman of BankMuscat, said: “The Kuwait branch will add value to the local economy by promoting trade linkages between the two countries and introduce other services to its offering over a period of time. With an increase in trade and economic integration within the Gulf region, BankMuscat is focused on a common approach to customers and business processes that will benefit the group.” AbdulRazak Ali Issa, Chief Executive, said: “Kuwait - with its robust, growing economy and critical positioning within the GCC - is a strategically important market for BankMuscat positioned to evolve into a prominent GCC bank. We believe we are in a strong position to contribute to the growing trade business between Kuwait and Oman. Given the increase in trade and economic integration within the Gulf region, we have a competitive advantage through our GCC-wide network to facilitate intra-region trade and investment flows.” The branch is licensed to offer all commercial banking services and products, including retail and corporate banking. The focus initially will be on the corporate and SME segment, serving them with conventional working capital facilities, term loans, trade finance and foreign exchange products. At a suitable time, and subject to approvals, the Bank may look at participating in the development of local capital markets as well as infrastructure project financing, by leveraging on its considerable experience in these areas in the home market. Participating in the local economy – either directly or through syndicated facilities – is an integral objective for the branch. Since the commencement of operations in April, BankMuscat has already participated in the financing of local projects. BankMuscat’s international operations, which deliver a wide range of cross-border finance solutions, continue to be central to the Bank’s strategy of prudent expansion to meet the financial needs of customers.