MUSCAT: HSBC Bank Oman shareholders approved a cash dividend of 5.5bz per share with a nominal value per share of 100bz, amounting to RO11mn with a dividend payout ratio of 90 per cent for the full-year 2014.

In addition, the shareholders, who met for the March 30 annual general meeting (AGM), elected the new board of directors of the bank for a three-year term, a press release said.

In his opening remarks, David Eldon, chairman of HSBC Bank Oman, said, “At our AGM 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 the Sultan’s Vision 2020.”

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 focussed 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 RO20mn.”

Andrew Long, chief executive officer of HSBC Bank Oman, said, “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.”

This January, HSBC Bank Oman announced a net profit of RO12.2mn for the year ended December 31, 2014, which represented an 11.9 per cent increase over the previous year. HSBC Bank Oman operates an extensive network of 74 branches and over 120 ATMs across the country.

SOURCE: Muscat Daily