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Bank Muscat is the chief financial services giver situated in Sultanate Oman in southwest Asia - Coursework Example

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Bank Muscat is the chief financial services giver situated in Sultanate Oman in southwest Asia

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). As a result, the customers are attracted by the transparency provided by the bank regarding their operations. An increase in the number of customers served daily enhances the competitive advantage of the bank. As a result, an increase in the customer base enhances profitability for the bank in the long-run (ALLARD 2004). Corporate governance is the set of systems and principles used to govern an organization such as Bank Muscat. It offers the rules of how the organization can be controlled in order to achieve their objectives (BESLEY & BRIGHAM 2011). Furthermore, Bank Muscat has received several awards in the implementation of corporate governance. This is because corporate governance is done in a manner that adds value of the bank and proves beneficial to the stakeholders in the long-term (STEGER & AMANN 2008). The bank’s stakeholders include the shareholders, customers, management, and other individuals involved in the welfare of the organization. In 2012, Bank Muscat received the prestigious Hawkamah Bank Corporate Governance Award. The award honors the bank’s efforts of improving their corporate governance practices further than the legal and regulatory obligations imposed by their relevant jurisdictions. This entailed the introduction of an exceptional approach to various corporate governance areas and the corporate social responsibility. As a result, the employees work to their full potential thus providing excellent services to their customers. This leads to the creation of customer loyalty thus maintaining the banks competitive advantage over their competitors (EVANS 2002). Mergers and acquisitions, partnerships and alliances, are key Bank Muscat capabilities that have led to improved competitive advantage over competitors (BRUIJN 2002, COYLE 2000). It entails a corporate strategy that brings separate entities together to form larger business organizations (AMERICAN BAR ASSOCIATION 2006). It also involves the assimilation of smaller businesses to a large corporation to minimize competition. Bank Muscat has exercised the mergers and acquisition activity to continue amassing customers and increasing profitability ...Show more

Summary

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…
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