Commerzbank recognises Bank Sohar for the third consecutive year

Muscat | November 19, 2013

For the third consecutive year, Bank Sohar has been recognised as one of the best "Straight Through Processing" (STP) banks in Oman by Commerzbank. This award is in appreciation of the fact that 97.49% of the MT103 messages & 96.3% of the MT202 sent by Bank Sohar were error-free. This translates into faster remittances and settlements for Bank Sohar's, valued clientele. This almost eliminates  the need to send time consuming inquiries on the fate of payments made by Bank Sohar's customers.

Dr. Mohamed Abdulaziz Kalmoor, CEO, Bank Sohar commented that this award was a recognition of Bank Sohar's Staff commitment towards providing excellent service. He said, "We are humbled by this award, which we have received as a result of the exemplary efforts put in by our staff. We are pleased that our work has been evaluated and rated at such high standards by international institutions. The fact that we have won this award successively for three years is testimony to our staff's training, their continued commitment to their work and their keen eye for detail."

He added, "Innovation and excellence have always been key to the success of Bank Sohar and each successive award raises the benchmark to a higher level of performance. It is this ideology that governs everyday practices at Bank Sohar and is also the reason why we are regarded as one of the best STP banks in the Sultanate."

Commerzbank is leading bank in Germany and Poland. It is also present worldwide in all markets for its customers. It offers its private and corporate customers as well as institutional investors the banking and capital market services they need. With approximately 1,200 branches, Commerzbank has one of the densest branch networks among German private banks. In total Commerzbank boasts nearly 15 million private customers, as well as 1 million business and corporate customers in 2012, it generated revenues of just under EUR 10 billion with approximately 56,000 employees on average.

Significantly, the award represents another 'feather in the cap' for Bank Sohar as it nears its seventh year of successful commercial operation within the Sultanate. As one of Oman's most dynamic banks, Bank Sohar has made impressive strides in its growth having received a number of accolades for its contribution to the banking industry as well as the community in the Sultanate.

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© Press Release 2013