Bank Muscat Board, Management review 3-year development plan

MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, in line with its customercentric vision ‘To serve you better, everyday’ and focus to maintain leadership, held a joint meeting of the Board of Directors led by Shaikh Khalid bin Mustahail al Mashani, Chairman, and the Management Team led by Abdul Razak Ali Issa, Chief Executive, to review a medium term 3-year strategic development plan.

The discussions to chart the way forward centred on the bank’s current strategy, future strategy and prioritisation of key areas in line with the 3-year plan, opportunities and challenges going forward and how as a team to achieve the strategic plan.

Bank Muscat is embarking on a new phase of development following the appointment of Sheikh Waleed Al Hashar as the new Chief Executive Officer, with effect from January 1, 2019. The Board of Directors has also approved a revised organisational structure in line with the strategic plan to promote Omani talents and capabilities.

The workshop highlighted key areas of growth opportunity and how to create market/business opportunities. Focus areas included core business, cross-sell opportunities and alternative digital channels.

Shaikh Khalid bin Mustahail al Mashani said: “Bank Muscat is progressing well on track with clarity on its dynamic vision, values and strategy, which have helped in distinguishing itself in banking excellence. Focused on its customer-centric strategy, the bank remains committed to seizing every opportunity to be involved in the Sultanate’s economic growth and sustainable development by creating opportunities for individuals and businesses to grow and prosper.”

Abdul Razak Ali Issa said: “Moving forward, the new 3-year strategic development plan is an important milestone in Bank Muscat’s growth plan in line with the developments in the financial sector. The new organisational structure is an incentive for employees to work with sincerity and dedication to retain the bank’s leading position and provide value added services to all stakeholders, including customers, shareholders and the Omani community in general.”

The strategy discussions covered steps to scale up both conventional and Islamic banking operations in Oman and outside as well as measures to further improve the bank’s credibility as the best place to work.