Shareholders of HSBC Bank Oman S.A.O.G. approved a cash dividend pay-out of RO0.0038 per share with a nominal value of RO0.100 per share during the Bank’s Annual General Meeting (AGM). The cash dividends, which amount to RO7.6m for the year ended December 31st 2013, represented a 280% increase in comparison to the previous year.
In addition, shareholders approved the appointment of HSBC Bank Oman’s new Chairman, David Gordon Eldon, who was appointed to the Board of Directors in October 2013.
During the AGM, shareholders approved the Bank’s Board of Directors Report, Corporate Governance Report, Auditors Report and financial statements as well as ratifying the Board and Committees’ sitting fees. Shareholders also voted for the appointment of statutory auditors and considered and noted the transactions carried out by the Bank during the financial year ended December 31st 2013.
In his opening statement, Eldon, said, “It was an honour and a privilege to be asked to undertake the role of Chairman of HSBC Bank Oman last year. This new entity brought together two long-established institutions and major progress has been achieved, which has made the Bank financially strong, well-capitalised to support future growth and with great strides having been made to bring onboard new talent. We still have more to do but we are here for the long-term. We have spent some time putting in place stronger foundations and are focused on building the best bank in Oman, delivering the very best experience for our customers. HSBC Bank Oman is unique in the market, offering our stakeholders not just the strengths of a local bank in Oman, but also sharing best practices from around the world where we believe that they are of benefit. We are proud to be a local bank in Oman.”
During 2013, HSBC Bank Oman made significant improvements to its customers experience through all touch points, by continuing to invest in refurbishing its branch network and ATM fleet, as well as completing the construction of a Customer Collection Point in Muscat. The popular Mandoos prize scheme was re-introduced and enhancements were made to Internet and Mobile Banking channels, including becoming one of the first banks in Oman to offer Secure Key technology. The Bank will continue to invest in further improvements to its digital banking proposition.
In support of its people agenda, a significant amount of training was delivered, representing a 60% increase over 2012, as well as launching a new Graduate Trainee Programme for Omani nationals. The Bank also welcomed three new senior executives in key strategic business areas as it continued its support of Oman’s nationalisation agenda.
In January, HSBC Bank Oman announced its first full year financial results as an integrated entity following the merger between HSBC Bank Middle East Ltd.’s branches in Oman with Oman International Bank in June 2012. The Bank reported an 87.9% growth in net profit to reach RO10.9m, net interest income of RO48.1m and RO57.8m in operating expenses.
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