About the National Bank of Oman Essay

Introduction About the National Bank of Oman
The National Bank of Oman (NBO) is Oman's first local bank and was established in the year 1973 (National Bank of Oman, 2013, p. 1). It was founded with the objective of forging a rich history with the common businesspeople of Oman and facilitating formal financial services in the country. As at now, the bank has grown and is one of the largest banks in Oman. This is, perhaps, attributed to the high rate of financial services being conducted in the Middle East countries. The bank has a paid up capital of 288 million USD and a regulatory capital of 981 million USD (National Bank of Oman, 2013, p. 1). Driven with the need to meet the financial expectations of its customers across all its segments, the NBO puts interest in making the banking services more efficient, convenient and accessible in an enjoyable manner to all the customers. This has made the bank gain more customers every financial year, with the aim of strengthening its capital base. The services delivered by the bank are diverse and can be looked into independently.
Products and Services
There are a number of products that the bank has in its current constitution. To begin with, it allows for a Mustaqbali account that is mainly for the youth and students. This account encourages the younger people to take part in banking and grow their investment and business aspirations. There is also the Al Kanz account that is a savings account. This account enables its subscribers to win more interest in savings based on the amounts that they put into their accounts.
Parents are also encouraged to effectively plan for their children's future by creating Al Maad Child savings account. The bank offers the highest interest rates for the first child's account. This has motivated most of the citizens to create this account in order to secure a good future for their children. The other form of account that the bank provides is the savings account and the current account. There is no limit as to the amount of deposit for the savings account. The National Bank of Oman promises its customers of good savings plans and encourages then to make savings on a regular basis, irrespective of the amount that they have to deposit.
Other than personal banking, the NBO also offers more banking services. The Wholesale Banking Division has a set of services that it offers to companies and large corporations based in Oman. The services can be extended to those organizations that have their branches across other countries. International banking, therefore, is a strong practice within the NBO. The Investment Banking section provides a range of services. Some of these are brokerage operations, distribution of mutual funds, lead management of public equity and bond issues, asset management and domestic and international investment services among others. The section also offers good treasury solutions to compete the expanding business demands of the bank's institutional, corporate and private banking