Muscat: Bank Muscat has been ranked 1st globally from among 23 different global banks, brokers and research houses for predicting the price of Base Metals with an outstanding accuracy of 98% for the full year in 2019. The flagship financial institution in the Sultanate has won this global honour from leading trade publication Fastmarkets MB, part of London-based business publishing house Euromoney Global. Fastmarkets MB is a globally trusted data provider in the buying, selling and trading of commodities as well as delivering market-reflective prices and insights that enables global trade.
Commodities Hedging Services
Bank Muscat’s Commodities unit offers various services for clients in order to ensure client’s satisfaction. They include transparency in prices and over-the-counter (OTC) pricing basis, which enables extensive flexibility for customers therefore, ensuring service quality. The unit offers hedging solutions in base metals, precious metals, energy and agricultural products adding to the hedging solutions offered by the bank’s Treasury division. Bank Muscat is the 1st regional bank to offer palm oil hedging and has become one of the highest volume contributors amongst the regional banks.
The Commodities unit is part of the Wholesale Banking Group of Bank Muscat, which also includes Treasury and Capital Markets as well as Global Financial Institutions. Bank Muscat is the only bank in the country to offer a full suite of treasury products and services on 24×7 basis. The Global Financial Institutions department has an extensive network of correspondent banking relationships across the world, developed over the decades. They play an important role in channelising trade business from Europe, Middle East, Asia and Africa regions to Oman and the bank’s international branches in Saudi Arabia and Kuwait.
Awards through the years
In 2019 and 2017, the bank received the Best Foreign Exchange Provider in Oman award from Global Finance. Moreover in 2016, the bank won the Broker of the Year (Commodities) award from Euromoney MENA.
Bank Muscat has won a number of other awards over the past few years for being the Best Bank in Oman and also for various aspects of its banking and financial operations by high-ranked international publications such as Euromoney, The Banker/Professional Wealth Management, Global Finance and Forbes Middle East.
For the future
The bank remains very optimistic about the future and highly focused on its customer-centric approach and high quality of service. The Bank’s main aim will continue to be understanding customer needs through offering financial expertise and guidance whenever it is required across all levels. In addition, the Bank remains committed on its strategic initiatives and expanding its market share over various segments.