Bank Muscat unveils new Vision, Organisation Structure
· 'We can do more' vision reflects readiness to face future challenges
· New Organisation Structure to consolidate Bank's leading position
· MUSCAT, 28 January 2012 – Marking 30 years of successful growth, BankMuscat, the flagship financial institution in the Sultanate, on Saturday (28 January 2012) unveiled its new Vision and Management Team, reflecting the strategy for the coming period and bringing on board several competent staff who have recorded exemplary career achievements and leadership skills. The new Vision and Organisation Structure heralding a new era were announced at the Bank's 2012 Leadership Summit Conference.
· The dynamic vision adopted by BankMuscat reflects the readiness to face future challenges. The vision statement is:
“We can do more"
Leadership means challenging everything we do, continuously. To listen, to improve and to look for positive change. Because, only through questioning convention, can we truly deliver sustainable volume."
Sheikh Khalid bin Mustahail Al Mashani, Chairman, said: “The year 2012 marks a momentous occasion as BankMuscat celebrates 30 years of successful growth on the solid foundation of its talented people. Ushering in a new era of strategic growth, the Bank has adopted the new Vision and Organisation Structure, defining ambitious goals for the coming period."
Sheikh Khalid added: “The new Vision is all about maintaining the leadership position of the Bank against the backdrop of a changing world and looking ahead, understanding the trends that will shape the Bank's business in the future and moving swiftly to prepare for what is to come."
Sheikh Khalid said: “To ensure top leadership consolidation, the positions of Chief Executive, Deputy Chief Executive and Chief Operating Officer remain unchanged in the new Organisation Structure. Sunder George, Deputy Chief Executive, who will be retiring by the end of the year, has helped lift BankMuscat to the position of number one bank in Oman. In recognition of his vital and important guidance and leadership, it is expected that Sunder George will continue to be associated with the Bank in an advisory role."
The new Vision beginning in 2012 is aptly referred as V12, which is a powerful and ideal balance between the contributions of a loyal, productive workforce, and customer-service focused solutions for all partners. The main features of the new Vision reflect the essence of Omani values in the Bank's services, continuously measuring and delivering value for all stakeholders. The core focus of the Vision is to stretch further the standards in customer service.
The Chairman said: “The 'We can do more' vision reiterates a leadership which continuously challenges everything, from listening to improving and looking for positive change as the Bank believes that only through questioning convention can it truly deliver sustainable value. The new vision will be achieved by creating, sustaining and delivering real and undiminishing value in customer service through BankMuscat's key element - its competent people."
The Bank will adopt an aggressive strategy to manifest the new vision, including open communication with customers and sharing information with key stakeholder groups. Customer service will be the unique positioning platform for all communications linked to the new vision, reiterating the Bank's determination to move much further ahead. For BankMuscat, distinguished customer service has always been and remains paramount as customer-centric strategies will continue to drive the talented and experienced people.
Extending the vision commitment, the Bank will also launch innovative Corporate Social Responsibility (CSR) initiatives involving the 3000 staff strength. The vision will give them the chance to actively work for the wider community and thereby be seen as exemplary corporate citizens.
Commenting on the new Organisation Structure, AbdulRazak Ali Issa, Chief Executive, said: “The rationale behind the new Management Team is in line with the vision of His Majesty Sultan Qaboos for a qualitative shift in national workforce, thereby providing more career growth opportunities for talented youth. During the past five years, the operating and business environment has significantly changed and increased in size, scale and complexity of business. The increased competition and the impending launch of Islamic Banking also weighed in the Bank's review of the Organisation Structure."
AbdulRazak added: “The new Organisation Structure will entrust more senior responsibilities within the Bank to professionally competent staff. With a view to energising them for the future challenges, the new structure is a recognition of their exceptional performance."
AbdulRazak said: “BankMuscat enjoys the legacy of a stable leadership and competent Management Team committed to initiating changes that lead to future success. The new Organisation Structure is a step in this direction as the Bank seeks to further consolidate its leading position. The Bank will continue to focus on efforts to provide more career growth opportunities for its staff. BankMuscat believes investment in youth will yield continued benefits to the financial sector in Oman."
Over the years, the Bank has completed the transition into a competency-based organisation. In execution of the Royal directives of His Majesty Sultan Qaboos which emphasise the need to pay attention to training and development needs of human resources, BankMuscat has achieved major successes as a result of the prudent strategy and philosophy adopted by the Bank.
BankMuscat enjoys the legacy of moulding the finest Omani talents. The Bank has adopted innovative strategies to equip Omani staff to take up leadership positions in tandem with future challenges. The multi-skill development programmes pursued by the Bank have benefited a large number of staff.
BankMuscat has a high level of commitment towards its people, encouraging them to take ownership and responsibility and contribute to the growth of the organisation. The Bank continuously invests to build human capacity and create career opportunities for highly-qualified staff. The Bank has been able to derive maximum mileage in this regard as most of its middle and senior management cadres are drawn from within the Bank.
BankMuscat has the distinction of outstanding leadership at all levels and attracts the best cadres for employment. BankMuscat has achieved 93 per cent Omanisation, giving priority for Omanis to occupy important positions. The Bank's women empowerment strategy is also notable as 42 per cent of staff are women holding various positions, including senior management positions. BankMuscat remains committed to developing its leadership pool from among talented young Omanis and thereby contribute to Oman's future.
Full details of the new Organisation Structure can be found on the Bank's website.