Muscat, April 4th 2015 - At the AGM on 30th March, Shareholders of HSBC Bank Oman S.A.O.G. approved a cash dividend of 5.5 Baiza per share with a nominal value per share of RO0.100, amounting to RO11.0m with a dividend pay-out ratio of 90% for the full year. In addition the Shareholders elected the new Board of Directors for the Bank for a new 3 years term.

In his opening remarks, David Eldon, Chairman, HSBC Bank Oman, started by acknowledging the safe return of His Majesty Sultan Qaboos bin Said to the country and congratulating the Omani people on this occasion. He continued by saying, "At our Annual General Meeting 12 months ago, we talked a great deal about the work we had done to put your bank on the strongest foundations to support our plans for growth, and to position HSBC Bank Oman adequately to withstand future challenges. I firmly believe that at HSBC Bank Oman, we have built a bank that is as well placed as any other in the market to support Oman and its customers here, as the country continues to focus on its diversification strategy in line with His Majesty's 2020 Vision".

Eldon added, "As a proud local bank, we do have a unique advantage over other financial institutions in Oman. We are able to draw on the international experience of the HSBC Group and bring this to the doors of our customers as well as to other stakeholders in Oman, and to use this experience to help them weather the more challenging times ahead."

Eldon highlighted that HSBC Bank Oman continues to drive the country's nationalisation agenda, recruiting local talent and delivering tailored development to retain and nurture the future leaders of the Bank. The Bank also remains focused on supporting the important SME sector hand-in-hand with the government. This was the rationale for the launch of the Bank's International Growth Fund last November, where it committed to initial funding of RO20 million. In addition, with such a young demographic in Oman, digital will play an ever increasing role in banking of the future. In light of this, HSBC Bank Oman will continue to invest in leading digital technologies, leveraging the buying power and scale of the HSBC Group to bring cost effective digital solutions to its customers in the Sultanate.

Andrew Long, Chief Executive Officer at HSBC Bank Oman commented, "For 2015, we remain committed to delivering the very best experience for our customers at all times and through all customer touch-points. We aim to deliver this exceptional customer experience through a clear strategy of growing our revenues, streamlining our processes and procedures, and implementing the highest global standards. We are confident that the Bank is positioned well to take full advantage of both the opportunities that will arise and to tackle any challenges that lie ahead. We will continue to invest in the future of the Bank as we maintain our journey to become the leading bank in Oman."

In January 2015, HSBC Bank Oman announced a net profit of RO12.2m for the year ended 31 December 2014, which represented an 11.9% increase over the previous year. HSBC Bank Oman operates an extensive network of 74 branches and over 120 ATMs across the country.  Through its delivery channels, the Bank offers a comprehensive suite of financial products and services designed to serve the needs of retail, corporate and institutional customers. 

HSBC in Oman

HSBC Bank Oman SAOG, as a proud local bank operating in Oman since 1948 and quoted on the local Muscat Securities Market, is majority owned by the largest international bank operating in the Middle East.  Oman is an important market in the region for the HSBC Group and has one of the most stable political, social and economic environments in the region, with a growing economy supported by a young population and significant investments in infrastructure.

Oman is also a key access hub to the fast-growing trade corridors connecting the MENA region with Asia - a major focus for growth for HSBC. Its economy is forecast to grow at a compound annual growth rate of 4%1 forecast from 2011 to 2016.

HSBC in the MENA Region

HSBC is the largest and most widely represented international banking organisation in the Middle East and North Africa (MENA), with a presence in 11 countries across the region.  HSBC has operations in the United Arab Emirates, Egypt, Qatar, Oman, Bahrain, Kuwait, Lebanon,  Algeria and the Palestinian Autonomous Area. In Saudi Arabia, HSBC is a 40% shareholder of Saudi British Bank (SABB), and a 49% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. HSBC also maintains a representative office in Libya.

This presence, the widest reach of any bank in the region, comprises some 295 offices and around 12,000 employees. In the year ending 31st December 2014, HSBC in the MENA region made a profit before tax of US$1.9bn.

HSBC Holdings plc

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from over 6,200 offices in over 74 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,634bn at 31st December 2014, HSBC is one of the world's largest banking and financial services organisations.

For more information, please contact:
Shaza Taher
Associate Media Relations Director
TRACCS Oman
Telephone: +968 24 649-099
Email: shaza.taher@traccs.net  

© Press Release 2015