Abdulnasir Al Raisi, DGM – Premier Banking, Bank Muscat speaks about the bank’s vision in private banking and the unique premier banking services it offers. Excerpts from an interview

Please share details of Bank Muscat’s Premier banking services?

The vibrant premier banking experience offered by Bank Muscat encompasses Bank Muscat Private for exclusive private banking services, asalah Priority banking for high-net worth customers and al Jawhar Privilege banking for salaried segment. Personalised services catering to the complex financial and wealth management needs of clients distinguish the Premier banking proposition.

For over 16 years, reaching out to high net-worth individual and ultra-high net-worth individual segments, Bank Muscat Private offerings are unmatched in the Sultanate, providing an exceptional breadth and depth of wealth management solutions.

The asalah proposition stands out with qualified Relationship Managers (RM) assigned to handle the banking and investment requirements of Priority banking customers. Reinforcing the Priority banking experience, the bank has established exclusive asalah centres at select branches across the Sultanate. Leveraging its unmatched nation-wide branch presence, Bank Muscat offers asalah Priority Banking services across all regions through the largest network of 31 asalah centers.

In the vibrant world of Privilege banking, the distinctive identity of al Jawhar says it all. Designed around the unique lifestyle and banking requirements of the largest customer segment, al Jawhar is the first-of-its-kind privilege banking service in Oman.

al Jawhar value proposition is based on three pillars of commitment to customers – recognition, convenience and experience – that form the imprint of premium products and services. al Jawhar clients are entitled to express services at select branches.

What’s the eligibility criteria to be a part of Bank Muscat private banking?

Bank Muscat Private banking services are exclusive to high net-worth individual customers and offered to eligible clients on invitation basis.

What kind of products and services are offered by Bank Muscat Private banking?

Bank Muscat Private is the Sultanate’s premier end-to-end wealth management solutions provider to high-net worth clients.The investment offerings cover global markets and all asset classes, through a robust execution platform administered by experienced and dedicated Relationship Managers. The high-end lifestyle benefits and banking facilities available to Private banking clients are also unmatched in the Sultanate.

Private banking customers enjoy a number of banking and lifestyle benefits. What are these benefits?

Besides providing an access to the wealth management platform and dedicated Private banking branch at the head office, Private banking services also include conventional accounts, term deposits, currency exchange, domestic and international transfers, online banking and regular asset monitoring. Bank Muscat Private clients are also provided exclusive Private Banking VISA Infinite credit card and VISA Platinum debit card. Luxury car finance and yacht finance is available exclusively for Private clients who are also eligible for competitive rates for deposits, loans and foreign exchange.

Private banking clients enjoy 1 per cent cash back rewards on all transactions made through Private Visa Infinite credit card. The card also facilitates exclusive Hilton Honors Gold Membership, an unlimited access to 900+ airport lounges globally, complimentary chauffeur service to and from Muscat International Airport, collection of over 900 luxury hotels around the world, multi-trip travel insurance and Global Concierge Service.

The additional rewards and benefits for Private clients include high value al Mazyona prizes. Private customers are eligible to participate in all al Mazyona prize draws offering RO10mn in prize money.

What kind of wealth management solutions are being offered by Bank Muscat private banking?

Bank Muscat offers Private banking clients a complete suite of investment options in global asset classes through its wealth management platform and its tie up with international counter parties. The range of solutions offered to clients includes the following:

Equity: Investments across global markets, Global ETFs & Global Mutual Funds

Fixed Income: Global Bond Trading, Omanifixed income issuance, Global Mutual Funds & Global ETFs

Alternates: Private Equity funds, Real Estate Funds & Commodity ETFs

Offshore Banking / Portfolio Management through reputed global counterparties

With global financial expertise and experience, the bank’s team of wealth experts serve as trusted advisors to provide investment solutions tailored to meet the present and future needs of clients. The strategy reflects the bank’s commitment to expand innovative services to Premier banking clients and provide an exclusive banking experience.

Dedicated wealth advisors work closely with Bank Muscat Private clients to evaluate their personal financial objectives. The process begins by outlining goals and shortlisting innovative instruments to achieve the best long-term growth on assets. Right through the various phases of the wealth management journey, the bankensures that innovative strategies are in place to accommodate the changing needs of clients.

The global reach offers Private banking clients the advantage of investing in different geographies and across different asset classes like mutual funds, equity, fixed income, real estate and commodities. Dedicated experts analyse the list of identified investments in detail and monitor activity in each asset class and sector.

The referral services offered by Bank Muscat Private stem from tie-ups with global partners of repute for offshore banking, direct real estate and insurance Products.

Bank Muscat vision is ‘To serve you better, every day’. How do you ensure the implementation of Bank Muscat vision in private banking business?

Reflecting the customer-centric ‘To serve you better, every day’ vision of the bank, the best of banking and lifestyle solutions enrich the Private banking experience. The Premier banking proposition is constantly enhanced to offer a world-class service as the bank is focused on improving customer experience by offering banking and lifestyle solutions adapted in tune with the changing customer needs and use of technology for efficient, seamless experience. Wealth management is a key focus area as the personalised needs, aspirations and goals of Private banking clients are fulfilled.

Exclusive Private banking branch with customer lounges helps clients to enjoy privacy in banking transactions. Dedicated relationship managers serve as single point of contact for all customer requirements so that all issues are resolved on priority without dealing with multiple people or departments in the bank. The ‘Go Digital’ initiatives with M- banking app ensures customers can do all transactions conveniently on their mobile phones. The bank provides access to latest products across asset classes to ensure that clients have
the choice to make appropriate investment decisions.

Please share the recent honours achieved by private banking?

In recognition of banking excellence, Bank Muscat Private won the Best Private Bankin Oman award by the Banker, Euromoney, Global Finance and EMEA Finance in 2017. EMEA Finance presented again the Best Private Bank in Oman award to BankMuscat Private in 2018.