Friday, Jan 30th

Last update09:26:08 AM GMT

You are here: Finance & Economy Banking


Bank Sohar & ORSA’s Traffic Safety Village Travels to Jalan

Muscat November 03, 2013: Showcasing their ongoing drive towards raising awareness for road safety issues in the Sultanate, Bank Sohar organised a road safety responsiveness event, where the Traffic Village was inaugurated at Jalan Bani Bu Hassan.

Road Safety has been a core area of concern for the government as well as the private sector and Bank Sohar has joined hands with Oman Road Safety Association (ORSA) for a yearlong campaign to increase consciousness among the public about the significance of vigilance on the road. In line with the same, the Traffic Safety Village which has been travelling across locations was brought to Jalan Private School and was launched by the chief guest, H.E. Sheikh Hamed Bin Rashid Al Muqbali - Wali of Jalaan Bani Bu Hassan in the presence of Ms. Shaima Al Lawati, CEO of ORSA in addition to representatives of Bank Sohar’s Marketing department and number of VIPs.

Dr. Mohamed Abdulaziz Kalmoor, CEO of Bank Sohar commented, “Since the inception of our association with ORSA, the Bank has undertaken numerous initiatives across different Wilayats in the Sultanate to spread awareness about the significance of being vigilant on the road. The Safety Village showcased the risks of careless driving behavior which often pose the greatest danger on our roads. It was great to see that all the children from Jalan Private School were enthused about the cause and I would like to thank everyone involved in making this event a success.”


Momentum builds up for RO 1 million al Mazyona grand prize

MUSCAT, 03 November 2013 – Momentum has started building up for the RO 1 million al Mazyona year-end grand prize from Bank Muscat as a celebration was hosted in Muscat as part of the flagship savings scheme campaign across the Sultanate. The grand prize will be shared by 10 customers covering all the governorates, including one Priority Banking customer, who will receive RO 100,000 each. Customers maintaining a minimum balance of RO 1000 for the last quarter of the year are eligible for the grand prize draw.

A large turn-out of customers and senior bank officials attended the al Mazyona celebrations at the bank’s head office which highlighted the message of prudent savings habits through a folklore song and dance operetta.

Saleh Al Maaini, Senior Regional Manager – North and West Muscat, said: “al Mazyona reaffirms the bank's vision and constant efforts to fulfill the aspirations and ambitions of the largest banking family in Oman. The flagship savings scheme has won the hearts of people and succeeded in realising the dreams of thousands of customers. The bank attaches great importance to inculcating prudent savings and spending habits and has tailored al Mazyona scheme with this objective in mind. The series of big prizes from Bank Muscat is the major attraction of al Mazyona which offers fair and transparent winning chances for all segments of customers.”



Muscat, November 2nd 2013 - HSBC Bank Oman S.A.O.G. announced a 20.6% growth in net profit to reach RO12.7m. Net interest income stood at RO36.0m for the period ended 30 September 2013, a 34.8% increase compared to the same period last year. The Bank’s operating expense rose to RO 40.5m, reflecting the larger cost base of the merged bank. Customer deposits increased by 2.8% to RO1,927.8m.

David Eldon, newly appointed Chairman of HSBC Bank Oman, said, “We have made good progress on our strategic priorities and expect this positive momentum to continue. Our focus in the third quarter has continued to be on enhancing our customers’ overall banking experience. We have also been focused on driving business performance and streamlining our processes for greater efficiency. We have completed the first phase of our branch restructure. This is allowing us to deploy our resources more efficiently and will help us to deliver services and processes that are more effective and customer focused.”

Eldon went on to say that HSBC Bank Oman remains dedicated to developing its employees. A series of training programmes and internal campaigns have been delivered, aimed at creating an exceptional customer experience, which continue to put customers at the heart of everything it does. “Building on the plan developed to meet the Central Bank of Oman’s directives on Omanisation and to attract and develop Omani talent, HSBC Bank Oman successfully launched a two year graduate programme aimed at fostering leadership development and personal growth. We remain focused on identifying and developing existing Omani talent and are building succession plans backed up with leadership and career development programmes,” he said.


Middle East Open To New Investors

New investments in massive infrastructure development projects in Oman which include national railway project, expansions and construction of Dugm, Adam, Muscat, and Salalah airports, Batina coastal road projects and many other expressways is more than $50 billion, stated Undersecretary, Ministry of Commerce and Industry this week. These new development projects would create a high number of employments improving overall economy of the Kingdom to a great extent, he pointed out.

The UAE has been highlighted by the HSBC Expact Survey 2013 issued this week as the ninth best country for people who seek green pastures in other countries from their native lands. According to the report, increasing employment opportunities, higher payments, and improved economy in the UAE are some of the areas that the UAE to have been indicated as an ideal country for expatriates.

Arab investors can now invest in lucrative businesses in Egypt as its investment Minister invites investors to help improve the country’s economy. In December, Egypt will hold a business conference where more than 1000 businessmen from the Gulf will be participating upon invitation from the Egypt government. Kuwait, UAE and Saudi Arabia have provided over $12 billion to Egypt as loans in addition to grants and petroleum products.


Bank Sohar`s Education Center implements a two week training course entitled “Foundation Program - Branch Banking” for new employees

Bank Sohar in its endeavor to sharpen up and develop the skills of its valued staff organized recently two week training course entitled “Foundation Program - Branch Banking” for new employees from different branches & units. The Bank that accords top priority for staff care, developing and honing their skills, considers its staff not only as a working force but also as the main contributors in its success and excellence process. Their talents and innovation have ensured a continuous development.

The training program aim at preparing new employees and acquaint them with required knowledge, job skills and modern behavioral trends which enable them to carry out their banking tasks efficiently, whether they are tellers, or customer service providers. This special program has been designed to cover the most important topics required by new employees at the outset of their career in the banking and accountancy fields. It targeted beginners in this sector, in order to acquaint them with the products & services of the bank. This two week program featured scientific material and applied and practical aspects required by new employees in carrying out their assigned tasks, so as to provide the bank customers with the best services. The course also included applications relating to excellence in customer service and direct selling.


ACCA awards Standard Chartered Oman with global accreditation

31 October 2013, Muscat – Standard Chartered Bank Oman joins a distinguished group of organisations that have achieved global accreditation for the support it provides to employees worldwide who choose to train to become ACCA members.

ACCA has confirmed that Standard Chartered has met the quality criteria for the award of global Approved Employer (Trainee Development – Gold) status. This means that all Standard Chartered finance and accounting employees who are registered as students with ACCA will receive valuable support to help them successfully complete the ACCA examinations and gain practical experience that enables them to acquire the range of competencies required of finance and accounting professionals in business today.


Bank Muscat SME workshop highlights financial management

MUSCAT, 30 October 2013 - Bank Muscat SME department in collaboration with International Finance Corporation (IFC) hosted a workshop on ‘Using and analysing financial statements for decision-making’ at Crowne Plaza Hotel in Sohar. The workshop conducted by expert trainers was attended by existing and prospective entrepreneurs from the Batinah region.

Ali Jama, Senior Regional Manager – North Batinah, said: “Small businesses are a vital part of the Omani economy and Bank Muscat is proud to complement the government efforts in helping entrepreneurs address the challenges faced by SME business and provide an environment critical to SME success. The Bank Muscat support to SMEs stems from the strong belief that SMEs help boost the local economy, contribute to the GDP and create self-employment opportunities for youth who constitute more than 50 per cent of the country’s population.”

Against the backdrop of the priority accorded by the government to develop the SME sector, Bank Muscat regularly conducts workshops and seminars to equip SMEs to identify business opportunities and tackle challenges. As owners or managers of small and medium size business, being capable of reading, understanding and analysing financial statements is essential to survive and grow in a competitive environment. The workshop helped the participants to understand a balance sheet, income statement and cash flow and how the three are interrelated and essential to analyse and evaluate business profitability, liquidity and returns, in order to take appropriate managerial decisions to successfully run SMEs.


Bank Sohar Announces 3rd Quarter Financial Results

Reports Net Profit Growth of 15.2 Percent in First Nine Months of 2013

Muscat, 30 October 2013: Bank Sohar has proudly announced the financial results for the third quarter of the year, achieving a Net Profit of 18.110 million Omani Riyals during the nine months period ended 30th September 2013.

Bank Sohar’s Chief Executive Officer, Dr. Mohamed Abdulaziz Kalmoor, said: “Achieving such commendable results is  an outcome of the Bank’s continuous efforts to achieve a profitable and sustainable growth, and focusing on providing excellent products and  services, in all the Bank’s business operations.”

According to the Board of Directors Report that announced the Bank’s financial results during the nine months period ended 30th September 2013, Bank Sohar has achieved a Net Profit of 18.110 million Omani Riyals, registering a growth of 15.2 percent as compared to a Net Profit of 15.722 million Omani Riyals during the same period of the previous year. Meanwhile, the Net Interest Income witnessed an improvement of 4.2 percent for the same period, increasing from 30.443 million Omani Riyals from last year to 31.716 million Omani Riyals. The operating income increased by 12.1 percent from 38.205 million Omani Riyals during the nine months period of last year to 42.817 million Omani Riyals this year. Moreover, the operating cost increased by 10.9 percent from 18.141 million Omani Riyals to 20.115 million Omani Riyals during the same period.


Oman to see massive investment surge in bid to boost the economy

Muscat, Oman; 30 October 2013 – His Excellency Ahmed bin Hassan Al Dheeb, Undersecretary, Ministry of Commerce & Industry says Oman will see a massive surge of investments – worth over $50 billion – from both the private and public sectors to boost the sultanate’s economy.

Addressing delegates on the first day of the Oman Projects Forum 2013 at the Grand Hyatt Muscat, Al-Dheeb says the investment in mega projects will help create new opportunities “within the country rather than letting the outcome of such projects merely turn into foreign exchange outflows, and the creation of jobs and economic activity abroad.”

An estimated $20 billion will be spent on transportation infrastructure, including the Oman National Railway project; the on-going and planned Sohar, RAs Al Hadd, Duqm and Adam Airports as well as Muscat and Salalah Airports’ expansion and the work on the Batina coastal Road and express ways.

Approximately $17 billion worth of projects will be poured into the Oil&Gas sector, while another $13 billion worth of investments will be made in the manufacturing and industrial sector.  According to Al-Dheeb, billions more will be invested in the tourism, logistics, and power and water sectors to ensure the sultanate’s competitiveness.


Page 75 of 235