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Banking

Oman Best Bank: Bank Muscat

Bahrain I Egypt I Iran I Israel I Jordan I Kuwait I Lebanon I Morocco I Oman I Qatar I Saudi Arabia I United Arab Emirates I Lifetime Achievement Competition in Oman is becoming much more intense, particularly with the strong performance of the National Bank of Oman, which is now under Qatari ownership. But Bank Muscat remains the outstandingly strong financial institution in the country and last year became the first bank from a Gulf Cooperation Council country to be listed on the London Stock Exchange when it issued $163 million-worth of global depositary receipts.

It is the dominant bank in the country, with 38.1% of deposits, 41.1% of non-credit card consumer finance and 37% of credit card business. But most impressive is the bank’s readiness to develop new products and revenue streams to help it keep its market lead.

The corporate banking division has been involved in financing $2.5 billion-worth of projects in the oil and gas sector, including being the only Omani banking involved in the funding of the purchase of LNG tankers for the Oman Shipping Company. It has also been the mandated lead arranger for the Sohar Independent power and water project and the Sohar Refinery Project.

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