National Bank of Oman, NBCI team up to share credit data

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MUSCAT -- National Bank of Oman (NBO)National Bank of Oman (NBO), the country's second largest bank, has signed a membership agreement with National Bureau of Commercial Information (NBCI), Oman's first private credit bureau.

As per the agreement, NBONBO will be provided access to a credit reference database and bureau service offered by NBCI. This will enable NBONBO with valuable decision-making tools in extending consumer credit in the Sultanate.

NBCI will offer positive and negative credit account information on individuals and companies and credit risk management tools (Credit Scoring) to NBONBO.

Commenting on the agreement, Taqi Ali Sultan Al Lawati, general manager, NBONBO, said: "This membership fits our strategic objectives of expansion into the Omani market and it shall enable NBONBO to improve the services we offer to our valued clients.

"We have a clear focus in Oman and we wish to strengthen our position in supplying superior banking services to the Omani market".

Decision-making
NBONBO is one of the Oman's largest and most successful providers of banking services to consumers and corporates alike. NBONBO operates 57 branches and 138 ATM machines in Oman.

"The demand for fast, accurate information in decision-making is growing rapidly in financial markets across the world, and Oman is no exception. Lenders need to base their decisions on relevant information about consumers, so automated and sophisticated credit information retrieval systems are key to managing credit risk. The predictiveness of decision-making solutions will be enhanced by the introduction of shared credit information via NBCI, resulting in better risk management for lenders and improved profitability.

"NBCI aspires to be a key enabler for the growth of Oman's consumer economy and the quality of consumer credit portfolios, whilst protecting the privacy and credit exposure of individual consumers."

Commenting on the agreement, Miguel LLenas, general manager of NBCI, stated: "NBONBO is clearly a leader in providing banking services in Oman and its decision to sign a membership agreement with us is a tremendous endorsement of our strategic plan in the Sultanate.

"A credit bureau is a vital risk management tool that is necessary to ensure that the consumer banking sector expands in a sustainable manner. We are proud to lead this development. At NBCI, we strongly believe that appropriately developed and deployed financial technology solutions must play a critical role in the growth of Oman's economy.

"A world class credit bureau, such as NBCI is a key solution that will facilitate and enhance the emergence of a large and vibrant middle class sector within Oman."

© Times of Oman 2009