HSBC Bank Oman’s Shareholders approve cash dividend and elect new board of directors

At the AGM on 30^th March, Shareholders of HSBC Bank Oman S.A.O.G. approved a cash dividend of 5.5 Baiza per share with a nominal value per share of RO0.100, amounting to RO11.0m with a dividend pay-out ratio of 90% for the full year. In addition the Shareholders elected the new Board of Directors for the Bank for a new 3 years term.

In his opening remarks, David Eldon, Chairman, HSBC Bank Oman, started by acknowledging the safe return of His Majesty Sultan Qaboos bin Said to the country and congratulating the Omani people on this occasion. He continued by saying, “At our Annual General Meeting 12 months ago, we talked a great deal about the work we had done to put your bank on the strongest foundations to support our plans for growth, and to position HSBC Bank Oman adequately to withstand future challenges. I firmly believe that at HSBC Bank Oman, we have built a bank that is as well placed as any other in the market to support Oman and its customers here, as the country continues to focus on its diversification strategy in line with His Majesty’s 2020 Vision”.

Eldon added, “As a proud local bank, we do have a unique advantage over other financial institutions in Oman. We are able to draw on the international experience of the HSBC Group and bring this to the doors of our customers as well as to other stakeholders in Oman, and to use this experience to help them weather the more challenging times ahead.”

 Eldon highlighted that HSBC Bank Oman continues to drive the country’s nationalisation agenda, recruiting local talent and delivering tailored development to retain and nurture the future leaders of the Bank. The Bank also remains focused on supporting the important SME sector hand-in-hand with the government. This was the rationale for the launch of the Bank’s International Growth Fund last November, where it committed to initial funding of RO20 million. In addition, with such a young demographic in Oman, digital will play an ever increasing role in banking of the future. In light of this, HSBC Bank Oman will continue to invest in leading digital technologies, leveraging the buying power and scale of the HSBC Group to bring cost effective digital solutions to its customers in the Sultanate. 

Andrew Long, Chief Executive Officer at HSBC Bank Oman commented, “For 2015, we remain committed to delivering the very best experience for our customers at all times and through all customer touch-points. We aim to deliver this exceptional customer experience through a clear strategy of growing our revenues, streamlining our processes and procedures, and implementing the highest global standards. We are confident that the Bank is positioned well to take full advantage of both the opportunities that will arise and to tackle any challenges that lie ahead. We will continue to invest in the future of the Bank as we maintain our journey to become the leading bank in Oman.”

 In January 2015, HSBC Bank Oman announced a net profit of RO12.2m for the year ended 31 December 2014, which represented an 11.9% increase over the previous year. HSBC Bank Oman operates an extensive network of 74 branches and over 120 ATMs across the country.  Through its delivery channels, the Bank offers a comprehensive suite of financial products and services designed to serve the needs of retail, corporate and institutional customers.