BankMuscat, the leading financial services provider in the Sultanate of Oman, has received the highly coveted ‘Quality Recognition Award’ from JPMorgan Chase Bank for the eighth time. BankMuscat won the award in recognition of its outstanding high-quality performance and long-term commitment to quality in the area of fund transfer.
Delighted with the achievement, AbdulRazak Ali Issa, Chief Executive of BankMuscat, said, “With a solid track record of award winning products and services, BankMuscat aspires to become one of the leading financial institutions in the GCC with a reputation for high level quality. This award is recognition of our persistent efforts to create value for all our stakeholders while constantly achieving sizeable growth and profitability.”
“Winning this prestigious award for the eighth time is testimony of our insistence on high standards of quality, transparency, integrity and customer service and strict compliance with government regulations in everything we do. Whether it is our products, services or internal HR policies, BankMuscat always strives to achieve and sustain the highest level of quality and satisfaction, having met the stringent criteria for the MT103 Quality Recognition Award and the MT202 Quality Recognition Award”, added Issa.
The award was presented to Shamsa Al Seefi, AGM Information Technology, in the presence of Sethumadhavan Natarajan, Managing Director, Treasury Services, JP Morgan Chase - EMEA Region, Ebrahim Mustafa, Vice President, JP Morgan Chase and other officials from BankMuscat.
The Central Operations department of BankMuscat caters to 99% of MT 103 (customer payments). The Treasury Back Office handles 80% of MT 202 (inter-bank payments) and the rest of it by Central Operations and the Global Trade Services department. The Systems & Procedures department of the Bank handles all technical and security issues related to the SWIFT system.
About BankMuscat (SAOG)With asset worth over USD 11.9 billion, BankMuscat (SAOG) is the largest financial services provider in Oman today with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset. The Bank has a network of 115 branches and over 283 ATMs and 67 CDM’s in Oman, a branch in Riyadh, Saudi Arabia, and a representative office in Dubai (UAE). BankMuscat also has a strategic stake in Centurion Bank of Punjab, a private sector bank in India and currently owns 49% of BMI Bank B.S.C©, an independent bank in the Kingdom of Bahrain that is focused on becoming a truly GCC bank. 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. Earlier this year, the Bank acquired a 35% stake in Saudi Pak Commercial Bank to enter the high-growth Pakistan Market.
About JPMorgan Chase ‘Quality Recognition award’The Quality Recognition award is presented to JPMorgan Chase clients who have achieved straight through rates in the area of funds transfer between 90% and 98.9% and relates to MT 103 transfers (which are customer related payments) that have been made by the Bank. It is only when the correct SWIFT message and format of the fund transfer payments are handled in an automated manner that straight through processing is achieved.
Since 1997, JPMorgan Chase has presented the Quality Recognition Award to clients who have achieved an outstanding level of operating excellence. The new JPMorgan Chase & Co. (NYSE: JPM) was created upon completion of the holding company merger between JPMorgan Chase and Bank One. The firm is a leader in investment banking; financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients.