(MENAFN- Muscat Daily) Following a full review by Fitch Ratings, HSBC Bank Oman SAOG has retained both its A+ IDR grade and support rating and has improved its viability rating from BB to BB+.
This follows the successful merger and integration between HSBC Middle East's (HBME) operations in Oman with Oman International Bank (OIB) last year, a press release said.
Commenting on the report, Ewan Stirling, CEO of HSBC Bank Oman, said, ''I am extremely proud of our overall rating. As a result of a comprehensive merger programme, coupled with a clear vision to become the leading bank in Oman, it is a testament to the hard work of the entire team that we are now ranked as one of the strongest financial institutions in the sultanate. This rating is a clear affirmation of the value the HSBC Bank Oman brand brings to Oman and our customers, supported by our diverse local network and extensive international expertise.''
Fitch is one of the major international standards for financial institutions around the world. Using an alphabetical scale to assign long- and short-term credit ratings, Fitch indicates the stability of each bank. HSBC Bank Oman's improved scores are based on the support available from the wider HSBC Group, following the successful merger with OIB which created a ‘leading full service bank,' the report added.<
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