Global Arab Network | Oman: BankMuscat, Bank of China join hands to tap bilateral trade & investments

Translate this article to your language:

GANPublications

e-Publications

Add Site to Favorites

Add Page to Favorites

Make Homepage

Share This Page

RSS Feed

--------------------------------------------------------------------------------------------------------------------
| |

Oman: BankMuscat, Bank of China join hands to tap bilateral trade & investments

Saturday, 27 March 2010 12:28

Tapping into the huge investment and trade flows between the Sultanate of Oman, China and the GCC, banking conglomerates, BankMuscat and Bank of China have signed an agreement to establish China Desk' in the region at BankMuscat. The desk has been named as the ‘Bank of China - BankMuscat China Desk'.

The agreement was signed on behalf of BankMuscat by AbdulRazak Ali Issa, Chief Executive of BankMuscat whilst it was signed from the Bank of China by Xu Chen, General Manager of Financial Institutions.

The services provided by BankMuscat and Bank of China include advisory on local industry and legal framework; account services; wealth management; loans and other types of financing; trade settlement (Letter of Guarantee, Letter of Credit etc.); fund transfer (domestic and cross-border); cash management.

Ranked 11th by tier one capital in the world, Bank of China is the most internationalised of Chinese banks, proactive in promoting trade flows and serving the banking requirements of Sino-Omani commercial players.

Commending the strategic alliance, AbdulRazak Ali Issa said: "China assumes a very significant role as major trading partner in the region. BankMuscat, which enjoys a long-standing relationship with Bank of China is proud to jointly establish the China Desk aimed at facilitating investment and trade flows between Oman and China as well as China and the GCC, Middle East and Africa regions. The agreement marks a pioneering bilateral initiative in the region between Bank of China and BankMuscat."

Ali Issa added: "The bilateral trade and investment activities between Oman and China have been substantially growing, resulting in significant business opportunities for both the banks in serving and facilitating such activities. The dedicated China Desk will lead to BankMuscat tapping into the huge business potential."

Several corporate customers of BankMuscat and Bank of China are already having or planning to start business, including direct investment, import and export of goods, services and construction projects in either country. The China Desk will ensure that they have convenient and economic access to local banking services and facilities in both countries.

As a first step of business ties, BankMuscat and Bank of China are to sign a Master Risk Participation Agreement (MRPA) to capture trade flows between Oman and China as well as between China and markets where BankMuscat's Financial Institutions Group (FIG) is active. A business co-operation agreement covers corporate referrals between BankMuscat and Bank of China, besides advisory, account openings, fund transfer and trade on such referrals.

Bank of China as on December 2008 had assets of USD 1017 billion and net worth of USD 72 billion. It has a strong market presence in China and overseas, including Hong Kong, Macau, London and Switzerland, sizeable liquidity position, good capital adequacy and solid franchise management. (ONA)

Global Arab Network

< Prev		Next >

Last Updated on Saturday, 27 March 2010 12:33

Add comment

The opinions of the authors in articles published are theirs alone and do not necessarily reflect the views of Global Arab Network
------------------------------------------------------------------------------
Published comments are the opinions of private individuals and do not reflect the views of Global Arab Network