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Bank Muscat is the chief financial services giver situated in Sultanate Oman in southwest Asia
Finance & Accounting
Pages 11 (2761 words)
BANK MUSCAT Name Students number Date Bank Muscat Bank Muscat is the chief financial services giver situated in Sultanate Oman in southwest Asia. The bank provides numerous services through its corporate and retail banking, investment and private banking, treasury, and asset management services.
The bank through its products and services to the customers has maintained a top position in the best banks in the region, for over six years. It has also received other rewards in the last several years to recognize its exemplary products and services (BANK MUSCAT 2012). The biggest achievements of Bank Muscat in the last few years are attributed to their strategic capabilities in the market. In addition, the bank’s exploitation of their market strengths results to well deserved competitive advantage over the other financial service providers (ALLARD 2004). Reports indicate that the bank’s capabilities lie in their ability to implement high levels of accounting standards, corporate governance, mergers and acquisitions, partnership and alliances, revolutionary products, and regulatory compliance. The accounting standards represent the principles that guide accounting practices. The International Accounting Principles (IAP) are accounting standards that are widely accepted as apt to the field of accounting (GROSSMAN & LIVINGSTONE 2009). The Bank Muscat ensures that they maintain high levels of these standards that entail how the bank prepares and presents its business income and expenses, its assets and liabilities (STICKNEY 2010). ...
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