Best Bank: BankMuscat
The Oman market continues to be dominated by BankMuscat, which wins the award for its ability to maintain and grow its share of the retail market while becoming increasingly respected for its project and structured finance services. The bank, which has a 40%-plus share of all sectors of the country’s financial sector, delivered a 33% increase in profits to OR60.4 million ($156 million).
The corporate banking department was mandated lead arranger for the financing of two large petrochemicals plants – Aeromatics Oman and Octal Petrochemicals. BankMuscat was also one of the senior lenders on four major refinancings, two in the oil and gas sectors, one for a water and power project and one for an LNG tanker.
As well as making a big effort to help develop the country’s small and medium-sized company sector, BankMuscat also expanded its retail services, including offering travel loans, the country’s first salary transfer card, and, most significantly, a range of home loan products to serve the rapidly growing consumer product market in Oman.