BankMuscat bags 'Best Foreign Exchange Bank'

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This is the third year running that BankMuscat has been bestowed this honor.

Speaking on the occasion, AbdulRazak Ali Issa chief executive of BankMuscat (SAOG) said,

'Providing world-class products and services to our clients and customers is a commitment that we, at BankMuscat, take very seriously. Winning this award, for the third consecutive year, is proof of the Bank's commitment and dedication to providing quality forex services and innovative forex derivative products to our body of discerning Treasury clients. We would also like to thank our customers who have patronized our Treasury services and would like to assure them of enhanced services in the future.'

Global Finance editors, with input from industry analysts, corporate executives and technology experts, selected the winners based on the following criteria: transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies.

Commenting on the awards, Joseph D. Giarraputo, publisher and president of Global Finance said,

'The global foreign exchange market, the world's largest, continues to evolve in response to economic, political and technological forces, as well as to changes within the banking industry itself. We have identified the banks that large global companies can rely on for their foreign exchange needs.'

According to Global Finance magazine, the average daily turnover has reached nearly US$ 2 trillion in the global foreign exchange market.

Other country winners that have been identified in the GCC region include: Arab Banking Corporation (Kingdom of Bahrain), Qatar National Bank (Qatar), National Bank of Kuwait (Kuwait), Arab National Bank (Saudi Arabia) and National Bank of Dubai (UAE).

The BankMuscat Treasury department offers its clientele a sophisticated range of money market products including currency options and derivatives, which are tailored to meet specific customer requirements. The treasury department is equipped with a state-of-art dealing room and is manned by a team of leading professionals from across the region and the Indian sub-continent. The department releases regular market updates on the global currency markets, which are prepared after much in-depth research of fundamental and technical strengths and trend analysis of the key currencies in question.