BankMuscat: Gearing up for the future

Work on the project, which has been estimated at RO36m, has commenced in the beginning of 2008.

Speaking on the need for a new head office building, AbdulRazak Ali Issa, Chief Executive, BankMuscat said "BankMuscat growth strategy in Oman hinges on three pillars: people, technology and infrastructure. As the Bank has grown over the years, we have tried to employ, nurture and partner with some of the finest Omani talent in the country. Our HR processes have also been widely recognized and acclaimed in the awards and accolades we have won as an 'employer of choice' and the 'Best Place to Work' in the country.

"We believe that our Technology orientation has also been amongst the best in the region, as we believe, technology allows us to build and offer a truly differentiated banking experience to our customers. However, it is to further augment this that, last year we chose to adopt the Temenos T24 core banking system, which is amongst the most advanced platforms in the world. Our third pillar of growth is infrastructure - and this is what we hope to address through our proposed move to a new head office building, that will be custom-designed to substantially improve efficiencies and reduce administrative expenses."

The Bank has entered into a 50-year lease agreement with Internal Security Services (ISS) pension fund, who has agreed to build a custom-designed Head Office complex for the Bank. It is worth mentioning that the Bank head office currently operates out of 11 buildings in Muscat.

Speaking on how this will reflect on the image of the Bank, Mr AbdulRazak added "The new Head Office is designed to be a landmark building in the Sultanate incorporating the latest technologies, security and conveniences that will accommodate the Bank's current and future requirements. The building will also reflect our vision and stature of being a leading regional bank."

Speaking about the Bank's partners on the project, Waleed Al Hashar, member of the Head Office project steering committee for BankMuscat said "Our partner, ISS pension fund, has awarded the contract for construction of the new BankMuscat head office project to M/s Galfar Engineering and Contracting SAOG. The lead architects to the project are WS Atkins International & Co.; the project manager, Mace International Ltd and the IT and Security Consultant, Sinclair Knight Merz (SKM). There are also various other consultants who are involved in the project for other specialised areas such as interior decoration and landscaping etc. We are confident that the new building will meet the needs and aspirations of all our current and future employees and further strengthen the perception, that BankMuscat is the Best Place to Work in the Sultanate."

The Bank foresees the new Head Office bringing in several key benefits:

• The landmark building will provide a unique address to BankMuscat
• Excellent working environment for staff that will boost staff morale and motivation.
• Improve efficiency by reducing movement of staff and documents between different Head Office buildings in different places.
• Higher customer satisfaction on account of them being able to attend to all their requirements in one single location.
• Over 1600 parking spaces for customer and staff convenience.
• Superior safety features as the building is designed with the latest in security technologies providing a safe, secure environment for the bank.
• A better Business Continuity Plan, as the location of Disaster Recovery Centre (in Ruwi) will be outside the recommended 7 KM exclusion zone.