BankMuscat receives trade finance award at inaugural Lloyd’s List Middle East and Indian Subcontinent Awards

Published December 26th, 2005 - 11:40 GMT

BankMuscat (SAOG) (“BankMuscat”) received the ‘Trade Finance Award’ at the inaugural Lloyd’s List Middle East and Indian Subcontinent awards, recently held at the Emirates Towers Hotel in Dubai.


Over 400 industry leaders from across the Middle East and the Subcontinent attended the event. In addition to the Trade Finance Award, awards were also presented to 14 other companies, across diverse categories, for their contribution to the maritime industry. Sultan Ahmed Bin Suleiman, Chairman of the Ports and Free Zone Authority, and Executive Chairman of Dubai Ports, Customs and Free Zone Corporation was the guest of honour.


Thanking clients on the occasion, AbdulRazzak Ali Issa, chief executive of BankMuscat (SAOG), said: “Trade and commerce are the lifeblood of any economy. As the region continues to integrate with the global economy, trade finance, I am firmly of the belief will continue to assume increasing importance. We are committed to providing our clients with the finest of trade finance solutions and services in Oman and across the countries in which we operate. To this end, we are grateful to our customers for their continued patronage and confidence in the bank.”


BankMuscat is amongst the forerunners in Trade Finance services across the region. Supported by state-of-art e-enabled trade products, a large correspondent banking network and a highly experienced pool of trade specialists, its spread of services include opening Letters of Credit, Guarantees and standby LC’s, Import Finance, Export Finance and Documentary Collections. The Bank also provides importers and exporters with insights on key overseas market. In addition, BankMuscat eTrade is the first online solution in the GCC region that allows customers to use the Bank’s trade finance services. The Bank, in time, plans to add modules to the existing modules of eTrade so as to provide customers increased levels of straight through processing (STP).


Lloyd’s List is the market leading information source, used daily by decision makers throughout the international maritime industry as a source of strategic business information. Lloyd’s List also provides leading information to professionals in the field of trade, finance and law.


With assets worth over US $ 4.8 billion, BankMuscat (SAOG) is the largest bank in Oman today with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. The Bank has a network of 90 branches in Oman and a representative office in Dubai (UAE). BankMuscat also has a strategic stake in Centurion Bank, a private sector bank in India and has recently set up BankMuscat International (BMI) an independent Banking entity that will be focused on becoming a truly GCC regional bank.


The international financial and banking community has lauded BankMuscat’s performance and pioneering efforts at setting new standards of excellence in the Banking industry in Oman and in the countries in which it operates across the region for several years now.  BankMuscat holds the rare distinction of being voted the ‘Best Bank in Oman’ three times in a row by The Banker, FT London, five times by Euromoney and Global Finance Inc. The Bank was awarded the People Development Award at Oman Awards for Excellence, in 2003 and 2004. Earlier this year, the Bank also won the prestigious Gulf Excellence Award for Oman.


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