Oman Arab Bank receives STP award from Citibank

December 31, 2018

Oman Arab Bank (OAB) was recently recognised as one of the best ‘Straight Through Processing’ (STP) banks in Oman by Citibank, a globally renowned financial firm.

Commenting on the award, Mahfoudh Sultan al Rawahi, head of branches central operations at OAB said, “We are honoured to receive this award from Citibank. Industry recognitions such as this not only underscores our efforts to ensure accuracy of electronic payments, but also incentivises us to step-up our operations and processes by always adopting the best international practices.”

The award was presented to OAB at its headquarters by Mohammed Ahmed al Hammadi, vice president of correspondence banking group at Citibank. Rawahi received the award on behalf of OAB and was accompanied by members of staff from the bank’s central operations department, according to a press release.

The award was presented to OAB in appreciation of the quality and accuracy payments sent by OAB, wherein the bank maintained an outstanding of 95 per cent modification-free rate for bank remittances in US dollar.

“Our success as a bank, both in terms of remittances as well as our other retail and commercial products and services, can be attributed to our continued emphasis on implementing the best global standards in managing our processes, people, and service delivery,” Rawahi added.

Oman Arab Bank currently operates a nationwide network of 65 branches and representative offices and 150 ATMs spread across the sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

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