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Bank Muscat Wins The Best Bank For ESG in Oman Award By Euromoney

Roundup Saturday 02/December/2023 12:16 PM
By: Times News Service
Bank Muscat Wins The Best Bank For ESG in Oman Award By Euromoney

Muscat: In recognition of its pioneering role in the field of providing unmatched banking services, Bank Muscat was awarded with The Best Bank in Oman for the application of environmental, social and governance (ESG) practices by Euromoney, the leading Authority for the world's banking and financial markets. The award recognizes efforts made in providing innovative financing solutions designed to meet customer requirements, while focusing on responsible and sustainable practices and commitment to social and environmental issues to achieve long-term economic growth.

Bank Muscat's corporate social responsibility and sustainability strategy focuses on creating a positive impact and providing long-term benefits to the local community in the Sultanate, spanning various sectors such as education, small and medium enterprises (SMEs), youth, sports, environment and health. Bank Muscat is a pioneer in the field of social responsibility initiatives in the banking sector in the Sultanate of Oman, committed to its vision to provide the best for the economy, society and the environment.

The Award reflects the bank’s commitment to provide tailor-made banking solutions to meet the requirements of corporate and institutional customers as well as investors. Through a comprehensive methodology in terms of environmental, social and corporate governance practices, the bank applies the principles of transparency and responsibility with various stakeholders to strengthen relationships with customers, regulators, employees, investors, suppliers, government agencies and society as a whole.

Since its inception, the bank has been committed to the best practices in the field of corporate governance, especially with regard to compliance with The Charter of the Organization and Management of Public Joint Stock Companies developed by the Capital Market Authority and the regulations for Corporate Governance of Banking and Financial Institutions issued by the Central Bank of Oman. Over the years, corporate governance has evolved in the bank not only by ensuring compliance with regulatory requirements but also by meeting the needs of stakeholders, as the bank strives for excellence in enhancing the satisfaction of its customers and shareholders on an ongoing basis.

As the market leader in corporate finance and advisory solutions encompassing corporate finance, project finance, debt capital markets, debt refinancing and restructurings, IPOs, structured financings, quasi-equity financings, private placements, as well as mergers and acquisitions in Oman, the bank prides itself in its intricate understanding of diverse business requirements of its clients. It offers unmatched financial expertise and guidance, innovative funding solutions and wide array of services for various customer needs. It is also the largest asset manager in Oman with approximately US$ 2.5 billion of Assets under Management (AUM).

Across its four-decade journey, Bank Muscat has established a unique presence in multiple fields. It has also been closely associated with the sustainable development process, contributing to the implementation of various development projects within government's efforts to strengthen the national economy. It has adopted clear strategies and implemented sustainable programs and initiatives of a positive impact on society.

The Bank, in general, implements a range of sustainable programs in the field of social responsibility and community service, including Green Sports, Tadhamun, and Maliyat programmes, in addition to Al Wathba Academy for small and medium enterprises and a strong partnership with NGOs serving people with disability.

Confirming its great success in various fields, Bank Muscat has recently received a number of regional and international awards, among of which is The Best Investment Bank (Oman) and Best ESG Integration (Oman) by the Arab Federation of Capital Markets.