Bank Muscat, the flagship financial services provider in the Sultanate, and Shinhan Bank, one of the leading banks in South Korea, signed a Memorandum of Understanding (MoU) to collaborate on various areas of business co-operation. The agreement marks a major development as the MoU is the first of its kind between Shinhan Bank and any GCC bank. The MoU was signed by Abdul Razak Ali Issa, Chief Executive of Bank Muscat, and Seol Young Oh, Deputy President of Shinhan Bank. The ceremony was attended by Kim Young Joo, Congresswoman and Vice-Chairwoman of National Policy Committee of National Assembly, South Korea, H E Jonghyun Choe, Ambassador of South Korea to the Sultanate of Oman, Hyung Ik Ahn, Director of International Cooperation Team, Financial Supervisory Service, and Kim Young Dae, Vice-Chairman of Korea Federation of Banks. Commenting on the development, AbdulRazak Ali Issa said: "South Korea has emerged as a major trading partner for Oman and the GCC states and we are confident the co-operation agreement between Bank Muscat and Shinhan Bank will provide a fillip to the already robust trade and investment flows between the two countries. Bank Muscat will proactively promote investment and trade flows, serving the banking requirements of Oman-Korea commercial players." AbdulRazak Ali Issa added: "Bank Muscat is proud to be the first bank in the GCC region to sign a co-operation agreement with Shinhan Bank, a banking pioneer in South Korea. The agreement between the two leading financial institutions marks an important milestone to tap into the trade and investment flows between Oman and South Korea as well the larger GCC region." As the leading provider of global financial market services in Oman and the region, Bank Muscat is well positioned to meet the varied banking requirements of associates around the world. The bank works with clients in understanding their often-complex business needs and provides comprehensive and integrated solutions that meet their requirements. Bank Muscat's Financial Institutions Group (FIG) is very active in Trade Finance and Financial Institution (FI) business covering prominent countries in Asia, Africa and other emerging markets. Bank Muscat is in a position to provide customers and counterparts pan-GCC coverage. With branches in Saudi Arabia and Kuwait and an associate in Bahrain with its branch in Qatar, and a Representative Office in the United Arab Emirates (UAE), Bank Muscat is uniquely positioned to serve counter party banks for their requirements in the GCC region. Bank Muscat has also leveraged its strengths through its Representative Office in Singapore to support the increasing trade and investment flows between Oman, the wider GCC and Asia. Oman and South Korea enjoy deep-rooted economic ties. Since the early 80s, a number of Korean companies have actively participated in major construction projects in Oman even as Oman has been exporting LNG (liquefied natural gas) and crude oil to Korea. Presently, there are various ongoing partnerships between Korean companies and their Omani counterparts, particularly in the field of construction. Oman Daily Observer
