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The Central Bank of Oman (CBO) will sign an agreement today with Dun & Bradstreet
to establish a new banking credit and statistical bureau (BCSB) system. This is an outcome of many months of collaborative efforts by the CBO and the commercial
banks aimed at enhancing the provision of credit and statistical information to
the banking community.
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Managing loans is about managing risk and the risk that concerns banks most is that
of default. While it is not the case that banks should never lend to risky customers,
it is prudent that banks should know their customers well enough to know if the
customer is risky.
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To this purpose, the CBO has been assisting the banking community in Oman for many
years in running a credit and statistical bureau in order that the banks may better
know their customers, understand the risks involved in lending to them, and therefore
manage their loan portfolios effectively. In recent years, however, it has become
apparent that the existing systems were not fully able to cope with the new developments
in this area.
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As part of the CBO's strategy of renewal and re-invigoration of the bank, the bank
therefore took the decision to replace its existing system and given the increasing
sophistication of technology, decided it was best for the banking community to bring
in external expertise to undertake this task. Choosing the right partner is never
easy, and selection process in choosing the right partner for the BCSB was exhaustive.
After much deliberation and due diligence, finally the CBO has chosen Dun &
Bradstreet as its implementation partner. |
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Dun & Bradstreet is a highly reputed international firm that has been in this
business over many years. The banks are confident that together with Dun & Bradstreet
they could bring about a sound BCSB system significantly enhancing the information
provided to the banking community and enable the Sultanate's banking community confront
the challenges emerging on this front.
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Press Release |
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