Bank Muscat board, management review strategic development plan
The workshop highlighted key areas of growth opportunity and how to create business opportunities
MUSCAT: Bank Muscat, held a joint meeting of the Board of Directors led by Sheikh 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 bank’s dynamic vision, values and customer-centric strategy aimed at offering simplified and integrated banking solutions by enhancing market leadership, efficiency, productivity, innovation and agility was a focal theme at the discussions.
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.
Sheikh Khalid 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 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.
Sheikh Waleed said: “The strategy deliberations provided fresh insights to identifying winning strategies to lead the bank to new heights of success. Bank Muscat will continue its successful journey, achieving more growth and progress in all areas by enhancing cooperation with various economic sectors. As leaders, we remain committed to our customer-centric vision. To build a sustainable future, we look ahead to do even better for the benefit of our customers, employees and all stakeholders.”
Bank Muscat has the distinction of outstanding leadership at all levels and has achieved 94.57 per cent Omanisation, giving priority for Omanis to occupy key positions. The bank encourages diversity at the workplace in terms of gender, age and skill set.
The human resources strategy is notable as 48 per cent of employees are women holding various positions, including senior management positions.
Renowned for top-notch customer service, Bank Muscat accords priority for building strong relationship with customers. With the widest reach and the largest network of branches spread across the Sultanate, Bank Muscat meets the expectations of customers at the grassroots level.
The expanding branch network and alternative digital channels reflect the commitment to remain as the bank of first choice in all parts of the country, offering banking convenience at the doorstep of customers.