Bank Muscat Private Banking, which offers a complete suite of Private Banking products and services, has been steadily launching new and innovative services over the past many years for the benefit of its exclusive clientele, says Abdulnasir Al Raisi, Deputy General Manager, Premier Banking

-An OERLive Exclusive 

What are Bank Muscat’s Private Banking offerings all about?

Bank Muscat Private Banking offerings target Ultra High Net-worth Individuals (UHNIs) and High Networth Individuals (HNIs). It has maintained its leadership position in Oman for more than a decade and. Bank Muscat is the only local bank offering a complete suite of Private Banking products and services ranging from investment across asset classes, offshore banking solutions, and real estate investment. Bank Muscat Private Banking has both experienced Relationship Managers (RMs) and product specialists. Our relationship managers have an extremely successful track record of maintaining and growing relationships for close to two decades now. Our product team has the capabilities to offer a diversified mix of asset classes for investments to clients. I would like to stress the fact that dedicated RMs discuss individual requirements with each client and accordingly suggest customer-specific wealth products and solutions as per their needs.

What are the main advantages of being a Bank Muscat Private client?

Private Banking clients have access to a large range of features and benefits including the Private Banking Visa Platinum Debit Card, the Private Banking Visa Infinite Credit Card, exclusive offers from high-end merchants, exclusive 2-for-1 deals on food, entertainment, and shopping in addition to many travel discounts through the Xperience with the Entertainer app, unlimited complimentary access to 50 lounges worldwide including Majan Lounge at Muscat International Airport and customized credit solutions. The Private Banking Visa Platinum Debit card features a higher daily cash withdrawal limit of RO1,500 and a daily purchase limit of RO30,000. The Private Banking Visa Infinite credit card has a credit limit starting from RO15,000 and offers 1 percent cash back rewards on all expenditures made through the card. It also offers complimentary unlimited access to over 1,000 airport lounges globally. Private Banking clients also enjoy complimentary chauffeur service to and from Muscat International Airport, multi-trip travel insurance, and Global Concierge Service.

What are the different wealth management solutions that you offer your elite customers?

A number of new investment offerings and wealth management solutions across various asset classes are currently offered to the bank’s clients. Experienced RMs ensure that clients have an exceptional experience thanks to a robust execution platform. Private Banking Clients receive various research reports each month including 2 fortnightly Global Macro Economic Reports, a Fixed Income Report (Insight), and an Economic Flash Report (Spotlight). In addition to these research reports, all clients also receive a monthly newsletter on Oman’s economy and the regional and global markets. We provide exposure to our clients through Private Equity and Real Estate funds through our Asset Management division as well as through international tie-ups. We have seen interest from clients in taking exposure to alternates for diversification through more liquid routes like Gold and Silver ETFs. We offer access to a number of multi-asset mutual funds to provide adequate diversification to clients through a single fund, along with daily liquidity and monthly distribution.

How have you adapted to the challenges of COVID-19?

Private Banking has been steadily launching new and innovative services over the past many years for the benefit of its exclusive clientele. With COVID-19 restricting in-person meetings with global fund managers, Bank Muscat Private Banking has come up with innovative investment webinars as a solution. Customers get to interact with global fund managers on a regular basis through a state-of-art online video communication platform. They can access new investment ideas and get answers to their various queries here.

We understand that Bank Muscat has been winning many awards in Private Banking. Could you please elaborate?

Bank Muscat Private follows the highest standards of professionalism conforming to international norms, standards, and practices, which have been well recognized on the global stage with multiple awards being received over the past. I am happy to share the news that the bank is a multiple-award winner of the Best Private Bank in Oman award from several prestigious publications including Global Finance, EMEA Finance, and Professional Wealth Management/The Banker. These international accolades are an excellent validation of the exceptional services and solutions that we provide to our clientele.

How is Bank Muscat Private different from other banks?

Our customer-centricity is crucial to our ever-expanding market reach in the Sultanate. As the leading bank in Oman, Bank Muscat has a long and rich history of serving our customers in the best manner possible and taking into consideration feedback on different products and services. Private Banking in particular caters to an exclusive clientele with unique needs. Here wealth is passed on across generations and each family has its requirements. Succession planning is a growing part of our business portfolio. As the younger generation gets more responsibilities within their family businesses, we see them becoming more active in decision-making in the context of family wealth. We are actively working as partners with our customers in the successful transition of responsibilities and transfer of family wealth. I can assure you that the exceptional breadth and depth of our Private Banking solutions are unmatched in Oman.

What can your customers look forward to?

Going forward, service efficiency, product range, digital wealth management platform and stronger customer relationships will continue to act as differentiating factors that drive client stickiness. In line with our customer-centric vision, all our valued customers can rest assured that we will continue to offer the best products and solutions in Oman for them.