BUSINESS REPORTER -
MUSCAT, MAY 23 -
HSBC Bank Oman was awarded the Euromoney Award for Excellence 2017 — Best Bank in Oman. The award was announced last week at the Euromoney Middle East Awards for Excellence dinner in Dubai.
The bank was praised for the stellar performance it has posted over 2016, with a loan growth of 18 per cent, much higher than the 7.5 per cent growth in the Omani banking sector as a whole. In addition, the ability to cut costs by 11.5 per cent, topped with a capital adequacy ratio of 18.7 per cent ensured its supremacy.
“Being recognised by the Euromoney Award for Excellence as the Best Bank in Oman demonstrates our strong position and our ability to originate cross borders solutions and innovative technology that none of our local competitors can provide,” said Andrew Long, CEO of HSBC Bank Oman.
“This was demonstrated, for example, by HSBC Bank Oman being awarded a strategically important financial adviser mandate, which ultimately led to a significant debt capital programme for the Omani government in 2016. This demonstrates the position HSBC Bank Oman occupies around the table of some of the most important discussions taking place to help develop and diversify the Omani Economy,” Andrew added.
The local recognition of HSBC Bank Oman was complemented by other HSBC successes, as HSBC retained its title as Best Investment Bank in the Middle East for its 5th consecutive year. HSBC was also awarded Best Investment Bank, Qatar.
Commenting on the wins, Georges Elhedery, Deputy Chairman and CEO of HSBC Bank Middle East Ltd said, “We are honoured to win the Euromoney Awards for Excellence for three major categories this year. This is great recognition by our valued customers of our capabilities to offer them innovative and tailored products and services that meet their regional and global requirements. It is also a testament to the hard work and dedication of our staff, without whom we would not have achieved these great wins.”
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