The BankMuscat hosted Institute of International Finance’s (IIF’s) 9th annual Middle Eastern and North African Bank Chief Executives Meetings start here today. Senior bankers from eighty two (82) members of this global association of financial institutions, that has more than 340 members from across 60 countries, are here in the capital to discuss the challenges and opportunities across the MENA economies, the outlook to global energy markets, financing regional projects, the growing role of private equity in global investment flows and the keys to success in consumer finance, amongst other topics of importance. Issues pertaining to corporate governance and the Basel II accord are also part of the agenda.
Leading the proceedings will be Charles Dallara, the Managing Director of the Institute of Internantional Finance. Mr Dallara was formerly a Managing Director at J.P. Morgan & Company where he was the head of investment and commercial banking business in Eastern Europe and the CIS, the Middle East, Southeastern Europe, Africa, and India. He has also served as Assistant Secretary of the U.S. Treasury for International Affairs between 1989 and 1991 where his duties included international economic and financial policy, G-7 policy coordination, exchange rate policy, financial market liberalization, and the operations of multilateral financial institutions such as the International Monetary Fund (IMF) and the World Bank. He was also Assistant Secretary for Policy Development and the Senior Advisor for Policy to the Secretary of the Treasury from 1988 to 1989, U.S. Executive Director of the IMF from 1984 to 1989, and Senior Deputy Assistant Secretary of the Treasury for International Economic Policy from 1985 to 1988.
Speaking on the occasion, BankMuscat chief executive, AbdulRazak Ali Issa said:
“It is indeed a great honour to be hosting a gathering such as this. We are extremely glad and grateful to have been given this opportunity. The IIF today plays a significant role in helping the financial community work closer together and better appreciate the risks and the challenges that lie ahead, develop industry best practices and influence matters of policy. We are glad to be a part of such an august institution.”
Headquartered in Washington DC, USA the IIF’s Board of Directors includes leaders from financial services firms from across the world. Key members include: Chairman, Josef Ackermann, Chairman of the Management Board and the Group Executive Committee, Deutsche Bank AG; First Vice Chairman, William R. Rhodes, Senior Vice Chairman, Citigroup Inc. and Chairman, Citibank, NA; Vice Chairman and Treasurer, Cees Maas, Vice Chairman and Chief Financial Officer, ING Group, N.V. and Vice Chairman Roberto E. Setúbal, President, Banco Itaú S.A.
Mr. Maas is one of the keynote speakers at the two-day conference. Other speakers and moderators include: Edward Morse, Creative Advisor, Hess Energy Trading Company; Michael Williams, General Manager, International Bank of Qatar; Ibrahim Dabdoub, CEO, National Bank of Kuwait; Stephen Peel, Partner, Texas Pacific Group; Stephen W. Bosworth, dean of the Fletcher School, Tufts University; and Howard Handy and David Schraa of the IIF.
The IIF’s main activities are to:
Provide high-quality, timely, and impartial analysis and research to its members on emerging markets and other central issues in global finance.
Systematically identify, analyze, and shape regulatory, financial, and economic policy issues of relevance to members globally or regionally.
Develop and advance representative views and constructive proposals that influence the public debate on particular policy proposals, including those of multilateral agencies, and broad themes of common interest to participants in global financial markets.
Work with policymakers, regulators, and multilateral organizations to strengthen the efficiency, transparency, stability and competitiveness of the global financial system, with an emphasis on voluntary market-based approaches to crisis prevention and management.
Promote the development of sound financial systems, with an emphasis on emerging markets.
Provide a network for members to exchange views and offer opportunities for effective dialogue among policymakers, regulators, and private sector financial institutions.
Define, articulate, and disseminate best practices and industry standards in such areas as risk management and analysis, disclosure, corporate governance and regulatory compliance.
Support education and training efforts of its members in priority areas.
The two-day annual meetings of the IIF in Oman have been branded as ‘Bridges over Boundaries’ in recognition of the significant role the banking sector plays in the sustained growth of the local and regional economies.
About BankMuscat (SAOG):
BankMuscat (SAOG) is the largest banking entity in Oman with assets worth over US$5.2 billion and 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 of Punjab, a private sector bank in India and has recently set up BankMuscat International (BMI) an independent banking entity that is focused on becoming a truly GCC regional bank.
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