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Bank Muscat Private: Redefining Private Banking in Oman

TAS News Service
February 23, 2021 3:16 pm

MUSCAT: Reaching out to Ultra High Net worth Individuals (UHNIs) and High Net worth Individuals (HNIs), Bank Muscat Private Banking offerings have been unmatched in the Sultanate for nearly two decades. Reflecting the bank’s customer-centric vision ‘To serve you better, every day’, these offerings include access to an exclusive Private Banking branch at the Bank Muscat Head Office. All Private Banking clients have access to a dedicated Relationship Manager (RM) who is available to discuss their requirements and accordingly suggest wealth products. The RMs are backed by a strong team with multiple years of wealth management experience. 

Abdulnasir Al Raisi, DGM – Premier Banking, said: “Bank Muscat Private Banking has been a constant innovator in terms of new products and services in line with the bank’s customer-centric vision. We follow the highest standards of professionalism conforming to international norms, standards and practices, which have been well recognized on the global stage with multiple awards being received over the past. We have won the “Best Private Bank in Oman” award from prestigious publications including Global Finance, EMEA Finance and from Professional Wealth Management/The Banker. Private Banking has been steadily launching new and innovative services over the past many years for the benefits of its exclusive clientele.”

A number of new investment offerings and wealth management solutions across various asset classes are currently offered to the bank’s clients. A robust execution platform administered by experienced and dedicated RMs ensures that clients have an exceptional experience. Also, the bank regularly engages with clients, giving insights through research-based sectoral analysis highlighting investment and business opportunities. 

Private Banking clients receive research reports on a regular basis including 2 fortnightly Global Macro Economic Reports, a monthly Fixed Income Report (Insights) and an Economic Flash Report (Spotlight). In addition to these research reports, all clients also receive a monthly newsletter on Oman’s economy and the markets.

In order to further improve the research offerings, Bank Muscat has introduced a monthly “Investment Product Pack” which provides an informative summary of various investment products across different asset classes like equity, fixed income and alternative investments. Clients can enjoy access to trading across global markets, global ETFs and global mutual funds in the equity class while for fixed income, global bond trading, local issues, global mutual funds and global ETFs are among the options available. Private Equity funds, Real Estate Funds, Commodity ETFs and offshore banking and portfolio management through reputed global counterparties are some of the alternate investment possibilities available for clients.

Covid-19 has restricted in-person meetings with global fund managers and Bank Muscat Private Banking has come up with innovative investment webinars as a solution to this issue. As part of this initiative, customers get to interact with global fund managers on a regular basis through a state-of-art online video communication platform. 

Apart from Wealth Management solutions, Private Banking clients have access to a whole large number of other features and benefits including the Private Banking Visa Platinum Debit Card, the Private Banking Visa Infinite Credit Card, exclusive offers from high end merchants, exclusive 2-for-1 deals on food, entertainment and shopping in addition to many travel discounts through the VISA Offers MENA app, unlimited complimentary access to 50 lounges worldwide including Majan Lounge at Muscat International Airport and tailored credit solutions and financing options. The Private Banking Visa Platinum Debit card features higher daily cash withdrawal limit of OMR 1,500 and a daily purchase limit of OMR 30,000. The Private Banking Visa infinite credit card has a credit limit starting from OMR 15,000 and offers 1% cashback rewards on all expenditures made through the card. It also offers complimentary unlimited access to over 1,000 airport lounges globally. Private Banking clients also enjoy complimentary chauffeur service to and from Muscat International Airport, multi-trip travel insurance and Global Concierge Service.

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