Bank of Beirut Branches Out to The Wave

Posted on 11/25/2014

The new Bank of Beirut Branch at The Walk - an upmarket mall in The Wave, Muscat - opened its doors on Wednesday, the 22nd of October. This expansion will help facilitate the accessibility of clients to the multiple services and products offered by the bank. It also emphasizes the growing commitment to Oman and the determination to support and participate in the rapid growth and development of the Sultanate's financial sector.

Starting with a single branch in Oman, Bank of Beirut now has four branches, in Shatti al Qurm, Al Ghubra, Sohar and The Wave, with a staff of 120 employees, 95% level of Omanisation , and a double digit growth from year to year."Every new branch helps to make financial services more accessible to more people, both Omanis and expatriates." Commented Mr. Ramy Zambarakji, Managing Director, Bank of Beirut, Oman. "It helps catalyse small business growth, creates new jobs and contributes to the overall economic health of the community. This branch reinforces our commitment to serving the needs of our customers as a banking partner who understands and supports their financial aspirations."

International Reach

Bank of Beirut is one of the most prominent commercial banks in Lebanon. Ranked among the top ten banks in terms of total assets and profits, it occupies a distinguished position in the local, regional and international market. Successful in promoting its strengths by boosting the effectiveness of its human resources and propping up its international presence, it provides a wide range of retail and corporate banking services across the world.

Operating in a manner that responds to its rapid growth and preserves the strength and stability of its capital, the bank has provided the international banking industry with a model to be followed in the diversification of business. Keen on establishing its position in the world market through the continuous improvement of its financial and operating systems, the bank has witnessed considerable development and growth in the international arena.

Bank of Beirut provides an extensive range of wholesale and retail banking services in all its branches located in Lebanon (60 branches), Oman (head office plus 4 branches), United Kingdom, Cyprus, Australia (17 branches) and Iraq. The bank's mission is to take advantage of its global network to facilitate interaction between its branches worldwide, to boost trade and cross border relations for businesses and individuals.

Omani Presence

The driving force behind the Bank of Beirut's venture in the Sultanate is the positive prospects for Oman's economy, rising from the ongoing privatization program and the presence of a growing expatriate workforce in Oman. Since its entry into Oman - a country with tremendous potential where new business opportunities and commercial prospects are continuously emerging - its goal has been to create a strong and sustainable financial institution that builds better lives and more vibrant communities.

The bank's expansion plan in Oman involves providing the market with the latest banking products and services, enhancing its experience on the existing client relationships in the Sultanate, primarily in trade finance and project finance. The bank provides trade financing for Omani firms through lines of credit and pre-export facilities and by providing direct loans to the industrial sector, participating thus to the Sultanate's growth; noting that this year's project finance portfolio of the bank in the country was over OMR 60 million.

To nurture the spirit of entrepreneurship and foster self employment, Bank of Beirut grants attractive loans and incentives for the establishment of SMEs in light industry, agriculture, computer technology and tourism sectors. Over the year 2014, the bank has invested around OMR 10 million in this sector.

Future plans include further geographic expansion across the country, with a corresponding growth in the corporate and retail businesses. Technological improvements have been introduced in its sphere of action enabling it to underpin this expansion.

Customer Centric Approach

In line with the strategy aimed at consolidating its relationships with customers, the bank has opted for a customer-driven rather than a product-driven approach. Bank of Beirut offers truly personalized service to anticipate and fulfil the needs of all clients and build lasting relationships with them. Providing guidance, advice and customised services that businesses and individuals need, the bank encourages development and growth, both corporate and personal. By offering easy and versatile banking solutions and competitive facilities, it endeavours to make financial services more accessible and promote financial growth, prosperity and security.

To ensure that the financial needs and objectives of retail and corporate clients are successfully achieved, a highly professional team provides tailor-made services to financial institutions, corporations and private individuals. Providing a wide range of retail financial services both locally and internationally, the bank also plays a major role in the marketplace, making available an extensive selection of retail and corporate products tailored to the needs of Omani nationals and expatriates. Packed with flexibility, quality and efficiency, these are highly distinguished from market standards, delivering unmatched added value to its customers. The range of products and services includes convenient online and phone banking, in addition to the advantage of debit cards that are accepted in all ATMs across Oman without charges. Not to forget the competitive personal loans, and the special housing and car finance, with interests as low as 4.5% (Conditions apply).

As a quality-driven institution following policies and procedures designed to achieve total customer satisfaction, the Bank of Beirut's aim is to be an active and leading partner in the socio-economic development of the region. Driven by its commitment to its customers, it is inspired by strong values that adhere to the highest standards of financial stability and have stood the test of time.

Community Centric Strategy

A sense of social responsibility embodies Bank of Beirut's spirit of service. It is a vital part of its ethics and in its endeavours to have a positive impact on society. To strengthen its reputation as a responsible corporate citizen the Bank has promoted and sponsored a number of high-profile events.
By encouraging and supporting small and medium enterprises, the Bank nurtures the spirit of entrepreneurship in Oman. This is in addition to the many sports and cultural events that it has been sponsoring and partnering.

In December 2012, it was the Platinum Sponsor for a charity ride in Muscat commemorating the 'International Day of Persons with Disabilities'. To promote young Omani boat enthusiasts, it sponsored the Bank of Beirut Chairman's Cup in the November 2012 Muscat Regatta. A tennis tournament for under-14 boys and girls, the Bank of Beirut Challenger Cup 2012, highlighted its commitment to the development of sports for children. In 2014, the bank also sponsored Oman's largest networking event 'Back2Business'. To help local artists contribute to the preservation and promotion of Oman's cultural values and traditions, the Bank has hosted 12 exhibitions for renowned Omani artists at its head office in 2013 and 14.

Walk the Walk

The new Bank of Beirut branch is an extension of its endeavour to bridge people, businesses and cultures to create a thriving community. Its establishment in The Walk - a contemporary retail and commercial experience that enhances and supports community life - mirrors the bank's efforts to be socially responsible and relevant. As part of The Wave, a centrepiece of the development of the Sultanate, it embodies the bank's commitment to establish a firm and sustainable institution able to provide a better life for a more prosperous society.

"Between innovative, new products and new branches the Bank of Beirut maintains a steady path of growth and services. It looks forward to the broadening of business horizons in the Sultanate and is committed to playing a substantial role in bringing fruitful promise to Oman." Affirmed Mr. Zambarakji. "The objective is to continue this trend of growth and to deliver on the strategic ambition of development and positive impact." He concluded.
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