Complex Made Simple

Bank Sohar awaded STP Recognition from Commerzbank

Commerzbank recognizes Bank Sohar for the fifth consecutive year.

Bank Sohar has been recognized as one of the best ‘Straight Through Processing’ (STP) banks in Oman by Commerzbank AG, a Frankfurt based global banking and financial services company in Germany.

The 2015STP award marks the fifth year in a row that Bank Sohar has received this recognition.

The latest award is in appreciation of the fact that 100% of the MT103 messages in EUR payments sent by Bank Sohar were error-free. This translates into faster remittances and settlements for Bank Sohar’s valued clientele, and practically eliminates the need to send time consuming inquiries on the transfer status of payments.

Mr. Rashad Ali Al Musafir, Acting CEO of Bank Sohar commented on this achievement, “We are delighted to have received this award from Commerzbank. It is a clear recognition of the excellent STP rates we have maintained in the diligent processing of payments during the previous period.The importance of a smooth and error free banking system has always been integrated within our day to day operations to help enhance efficiency and reduce costs, as well as to ensure the timely execution of payments. In addition, we see STP as a key element of customer service; ensuring fast, accurate and reliable execution of payment instructions ensuring the Bank’s operational excellence mirrors the expectations of our clients, whilst reinforcing our position as one of the best STP banks within the Sultanate.”

On receiving the award, Mr. Khalfan Rashid Al Taley, DGM and Head of Operations at Bank Sohar commented,“This award reinforces our commitment of service excellence to our customers as we continue to strengthen our retail and commercial banking business in the country. We would like to thank Commerzbank for once again honoring us with this prestigious award. We remain committed towards repeating our error free rates in 2015 as we continue to deliver innovative products and services to better serve our customers,”

This award marks the fifth award recognition for the Bank in 2015, having won the ‘Best Banking Performance’ Award at the fourth edition of the Al Roya Economic Award, the ‘Golden Order of Merit in the field of CSR’ Award from UAE based Excellence Awards Academy, the best ‘Straight Through Processing’ (STP) banks in Oman by Standard Chartered Bank and winning the ‘Best Enterprise Award’ in the fields of quality and management from the Europe Business Assembly based in the UK earlier this year. In addition to these awards Bank Sohar also received in total 21 local, regional and international awards in 2014; with acknowledgements varying from financial excellence and growth to its unique products.

Founded in 1870, Commerzbank is a leading international commercial bank with branches and offices in more than 50 countries. With approximately 1,200 branches, Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts approximately 15 million private customers, as well as one million business and corporate clients.