‘Our new strategy is in line with Oman’s Vision 2040’
HUSSAIN GHALIB AL YAFAI, CEO OF STANDARD CHARTERED OMAN
Over the past five years, Standard Chartered has been involved in approximately 35 major transactions worth more than US$50bn for Oman
Hussain Ghalib al Yafai
In 1968, the UK-based international bank, Standard Chartered, became one of the first global banks to serve Oman’s economy and people. Now 50 years later, the bank’s commitment to the sultanate has led Standard Chartered to a strong attachment to the country. In an exclusive interview with Muscat Daily, Hussain Ghalib al Yafai, CEO of Standard Chartered Oman, spoke about the bank’s major accomplishments over the past five decades, its contribution to Oman’s economy and also about the welfare and wellbeing of the bank’s staff.
Last year Standard Chartered kick-started celebrations of its 50th anniversary in Oman. What does the bank’s 50th anniversary in Oman personally mean to you?
It’s a double happiness for us as Standard Chartered Oman marks its 50th anniversary and the sultanate is set to celebrate its 50th National Day next year. As one of the oldest banks in Oman, we’re proud to have played a part in Oman’s economic development and transformation over the past five decades. During these past five decades, we worked extremely hard for the country and the economy.
Our strategy, throughout these years, remained unique and differentiated from the larger banking industry in the county. The bank’s priority has always been to complement the local banks, not to compete with them. Our major focus has been on the global banking segment, government and government-related entities and multinational institutions in Oman. After completing 50 years in Oman, we are looking at all angles that will help us serve and add more value to the sultanate’s economy.
What were some of the significant developments that shaped the bank over the years in Oman market?
In the Omani market we had the full-fledged operations for both corporate and retail banking. However, four years ago, as part of Standard Chartered’s global strategy to optimise operations in certain regions and countries, we had to exit our retail banking operations to focus on the corporate and government sectors. This strategy further solidified our existence as we ensured that our role, as an international bank, complemented local banks.
I am proud to say that, over the past five years, Standard Chartered has been involved in approximately 35 major transactions worth more than US$50bn for Oman. This amount includes arranging and providing funding for the government and government-related entities for infrastructure projects, project financing and structured finance among others.
Oman is a strategic market for Standard Chartered in the Middle East and we’re committed to help achieve the sultanate’s Vision 2040.
You said Standard Chartered has a long-term commitment to the sultanate. Can you elaborate how the bonding between this global bank and Oman will evolve in the coming years? Since the bank first established its footprint in Oman in 1968, Standard Chartered has been committed to the sultanate’s long-term growth and development. Throughout the years of its presence in Oman, the bank has been involved in supporting the economy and the government and facilitating foreign investment in the country.
We closely and actively worked with the government and government-related entities to help secure funding for major infrastructure projects. We invited and facilitated significant foreign investors from the region, Asia and even from the US. We will continue to increase the awareness among major foreign investors and invite them to look at Oman for opportunities. As part of our long-term commitment, we are dedicated to promote the sultanate and help it achieve is goals.
Can you tell about Omanisation levels at Standard Chartered Oman. What about the representation of female employees at the bank? The Central Bank of Oman mandated all the banks operating in the country to maintain a minimum Omanisation level of 90 per cent. With our extremely serious efforts in this direction, Omanisation at Standard Chartered Oman has reached over 90 per cent level. Our focus is not only on overall Omanisation but also on achieving a high level of Omanisation across all categories, be it senior management, middle management or any other department. Having said that, it is important to note that, as an international bank, we also need to maintain a diverse and multi-cultural team, to ensure diversity of expertise and knowledge.
The training and development are key elements of our strategy to identify future leaders for the banking industry. In our succession planning we try to ensure that we have right Omani candidates at the right positions. Standard Chartered provides a highly valuable training ground for aspiring young bankers in Oman. A large number of our former employees went on to work for other major banks in the country at higher level positions.
With regard to the representation of female employees, Standard Chartered Oman, in line with the bank’s global strategy, is very much focused on diversity and inclusion. This allows us to ensure that capable and qualified women are placed according to their qualifications, at all levels. Overall, women employees account for 35 per cent of our total workforce in Oman. This fine balance was achieved through the initiatives implemented over the past many years, to ensure there’s equal representation. Some posts that are traditionally occupied by men, we now see women leading them. For an example, our compliance department is an all-women team. The first Omani woman to be head of human resources, was also appointed a few years back. We have a good representation of women across all departments.
How do you ensure a comfortable working environment for employees?
We believe there are different ways of looking at this matter. Providing a comfortable work environment is one of our top priorities.
We have put in place an option for staff members to avail flexible working hours and a work from home system. Research has shown that for employees to be more productive, they need to be comfortable within their environment and feel that their work place is supportive. Also, in order to assist our employees with their parental responsibilities, the bank has mandated a maternity leave of four months and two weeks paternity leave. A few months ago, we also started a new initiative called ‘Coffee with the CEO’. This initiative really helps me engage with the team, as a whole, and understand their concerns.
It’s often said that the organisations that focus on the wellbeing of their employees normally outperform competitors. What are your thoughts on the wellbeing of staff?
The wellbeing of our staff is an important topic for us and we take it very seriously. I would say gone are the days when it was thought that the business drives the performance and success of a company. The reality is that it’s the people who really drive the success of any company. If the company doesn’t take care of its people then they in turn, are not going to take care of the business.
We have worked on several initiatives with regard to the wellbeing at the workplace including our focus on health and staff engagement. We provide a safe and healthy environment where every staff member can speak freely to anyone within the organisation, whether in Oman, the Africa and Middle East region, or within our Group.
In terms of future growth, which sectors do you think are most promising for Standard Chartered in Oman?
Our strategy is very much focused and aligned with Oman’s Vision 2040 and supporting the initiatives and plans of the government, and MNCs who are looking to invest in Oman. Areas of support and services will be in the areas of strategic funding, refinancing, project finance, structured finance and sustainable financing activities.
We are committed and dedicated to support the sultanate in its strive for success and development, and look forward to more years of serving this great country.