Bank Muscat, the flagship financial services provider in the Sultanate, in step with the strategy for the coming period has unveiled a new Organisational Structure bringing on board competent Omani employees who have recorded remarkable career achievements and leadership skills.
Against the backdrop of challenging economic situation, the new organisation structure has been developed to realign the bank to achieve its strategic objectives, focus on customer-centricity, reinforce the control environment, and provide more career development opportunities for talented young Omanis. Eight employees, including seven Omanis, have assumed leadership roles in the Management Team level. The new members inducted into the Management Team include two women.
Additionally, the structure incorporates representation of branches by two representatives in the Management Team to ensure that opinion of customers and employees from different parts of the country are reflected at highest management levels.
Notably, the new Executive Management of the bank comprises Abdul Razak Ali Issa, Chief Executive, Ahmed Al Abri, Chief Operating Officer, Waleed Al Hashar, Deputy Chief Executive Officer; Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking; and K Gopakumar, Deputy Chief Operating Officer.
Sheikh Khalid bin Mustahail Al Mashani, Chairman, said: “In line with His Majesty Sultan Qaboos Bin Said’s vision of developing Omanis and empowering women, the new organisation structure reaffirms the commitment to maintain this momentum by assigning higher responsibilities to Omani men and women. Bank Muscat has spearheaded the Omanisation initiatives in the country”.
Sheikh Khalid said: “The new structure aims at maintaining the leadership position of the bank against the backdrop of a challenging economic situation and a changing world. We are confident that the new structure will ensure that Bank Muscat continues as the leading bank in the Sultanate of Oman with the strongest executive talent.”
Sheikh Khalid added: “The bank followed international best practices in the restructuring process in consultation with Korn Ferry Inc., one of the leading global consulting firms.”
Commenting on the new organisational structure, AbdulRazak Ali Issa, Chief Executive, said: “The last comprehensive review of the bank’s organisational structure was done 4 years ago in 2011 and became effective 1 January 2012. The current Management Team has led the bank through a successful period recording progress in all performance indicators. Meanwhile, we have also witnessed significant changes in the operating and regulatory environment as well as the size, scale and complexity of the bank’s business, whereby it became imperative that we review our current organisational structure and realign it with the current and medium term requirements of the bank.”
Bank Muscat has the distinction of outstanding leadership at all levels and attracts the best cadres for employment. The bank has achieved 94 per cent Omanisation, giving priority for Omanis to occupy important positions. The bank’s women empowerment strategy is also notable as 48 per cent of employees are women holding various positions, including senior management positions.