BankMuscat officially launches operations in the Kingdom of Saudi Arabia

With this, the Bank has become the first Bank from the Sultanate to open offices in the Kingdom.

Formally inaugurating the Bank's branch on King Fahad Road, His Excellency, Dr. Mohammed bin Sulaiman Al Jasser, Vice Governor of Saudi Arabian Monetary Agency (SAMA) said:

'The opening of BankMuscat's operations in the Kingdom is one of the fruits of joint Gulf cooperation that the leadership of the two countries has endeavoured to deepen in all areas. The economic ties between the Kingdom of Saudi Arabia and the Sultanate of Oman have their roots in history and are not a new development. I hope BankMuscat will contribute to the Saudi banking system, along with domestic banks and branches of other Gulf and international banks, in achieving our cherished objectives of enhancing competition, serving customers and furthering the diversification of banking services in the Kingdom. I wish BankMuscat Khayrat, and members of its staff, prosperity and success in the Kingdom.'

His Excellency, Said Ali Salim Al-Kalbani, Ambassador of Oman to the Kingdom of Saudi Arabia who was also present on the occasion said:

'The Sultanate of Oman has always held the Kingdom of Saudi Arabia in the highest regard, both as the home of the two Holy Mosques and also, as the most significant economy in the Middle East. With the GCC region widely acknowledged to be one of the fastest growing in the world today, we are confident that the presence of our leading bank here will result in the significant increase of cross border economic opportunities between our two nations. This launch is therefore a significant milestone in the realization of the vision of our beloved leader, His Majesty Sultan Qaboos bin Said and the efforts of the Custodian of the two Holy Mosques, King Abdullah, to build a stronger, unified GCC region.'

Speaking on behalf of the Bank, Sheikh AbdulMalik bin Abdullah Al Khalili, Chairman, BankMuscat said:

'We are deeply grateful to the Government of Saudi Arabia for giving us this opportunity to be of service to people of the Kingdom. We are also extremely thankful to His Excellency, the Vice Governor of SAMA and His Excellency, the Ambassador of Oman to the Kingdom of Saudi Arabia for being with us and for allowing us the opportunity to celebrate our beloved nation's 37th National Day in such a special manner. We are also deeply grateful to our regulators in Oman, especially the Central Bank of Oman and the Capital Markets Authority for their continued guidance and support as BankMuscat has taken significant steps toward the realization of its local and regional aspirations. We would also like to thank all out honoured guests, who were present at our branch inauguration. We wish them all success.'

The KSA has long attracted banks from across the region and beyond due to its unique position as the largest economy within the region and immense growth potential. Banks from as far as Germany, United Kingdom, France, Kuwait, Bahrain and UAE, currently operate in the Kingdom, whilst banks from Pakistan and India will be operational soon.

Speaking about the BankMuscat offering here, AbdulRazak Ali Issa, Chief Executive, BankMuscat said:

'It is in recognition of growing customer trends in the Kingdom of Saudi Arabia that BankMuscat has decided to customize its suite of offerings in the Kingdom under a new banner called, BankMuscat Khayrat. We are confident that the products, services and solutions that we will offer here will combine the same qualities of the best-of-breed banking products along with the finest Omani hospitality standards that define BankMuscat today.'

BankMuscat KSA offers a range of consumer banking, corporate banking and treasury products and services to customers in the Kingdom. The Bank also has a fully dedicated ladies section alongside the Bank's impressive premises on King Fahad Road.

Leading the local operations at the Bank, Arif Ali, Chief Executive, BankMuscat -KSA said:

'The BankMuscat Khayrat team is proud to be of service to the people of the Kingdom. We are sure that we will be able to time and again exceed customer expectations by periodically introducing a range of products, services and solutions that are relevant to market needs. Our team has the perfect mix of local talent and regional expertise that is required to set new standards in the local banking industry. We plan to offer discerning customers with a banking experience that is unique, differentiated and something to look forward to.'

BankMuscat sees its international operations as one of its key growth engines going ahead. The Bank currently has a strategic stake in Centurion Bank of Punjab, one of the fastest growing private sector banks in India, and the Mangal Keshav Group, one of the oldest securities firms in India to capitalize on the growth opportunities in the Indian subcontinent. BankMuscat also owns 49% of BankMuscat International (BMI), an independent banking entity based in Bahrain alongwith strategic investors from across the region. BMI is focused on becoming a truly GCC regional bank.

Congratulating BankMuscat from the Sultanate of Oman on the formal launch of the Bank's operations in the Kingdom, His Excellency, Hamoud Sangour Al Zadjali, Executive President, Central Bank of Oman said:

'The Central Bank of Oman would like to congratulate BankMuscat on their formal foray into the Kingdom of Saudi Arabia. The Kingdom is today, without a doubt, the most important destination in the region for ambitious regional and international banks, given the size, growth potential and diversification trends within the domestic economy. These trends will only increase with growing economic ties between the Kingdom and other GCC states. We are confident that BankMuscat will maintain, and further improve on the high standards of customer service and operations, that are the hallmark of the banking industry in Oman and, in time, become a worthy contributor to the overall growth and prosperity of the people of the Kingdom.'

BankMuscat is fully confident that its operations in the Kingdom of Saudi Arabia will become one of the most significant, if not the most significant, international operations of the Bank in the medium to long-term.