Muscat. June 13, 2007: BankMuscat SAOG, the nation's leading bank, is fast bouncing back from the throes of Cyclone Gonu that caused widespread devastation across the Sultanate last week. The Bank, it may be recalled, had appointed the internationally renowned Business Continuity Planning (BCP) experts, Insight Consulting Limited, UK to help them set up a robust BCP programme in 2003.

Speaking on the importance of the Business Continuity Planning initiative, AbdulRazak Ali Issa, Chief Executive, BankMuscat (SAOG) had then said:

"Business Continuity Planning is of paramount significance in today's business scenario and is crucial to managing institutional and systemic risks. The BCP process requires continuous review and upgrading to keep pace with the dynamic and ever changing business environment that the Bank operates in."

This process was put to the test this time around with the Bank's BCP committee meeting in a proactive 'war-room' situation before the onset of Cyclone Gonu to activate the bank's crisis management plans and meeting regularly after the cyclone to review the situation at hand and ensure uninterrupted service to customers nationwide.

Explaining the rationale behind this initiative and the level of preparations of the bank, Said Al Badai, BCP committee Chairman of BankMuscat said:

"Forward planning is the key to success in recovering from a crisis and thanks to our BCP process we had a recovery plan in place. Even before the Cyclone hit the Sultanate, we worked in teams on various scenarios, so that we were prepared for the worst. Once the cyclone's impact on the Sultanate was known, we assessed its impact and invoked the bank's Crisis Management Plan based on the assessment. As part of the process   we reached out to people -- within the organization and to our customers nationwide - to advise them of the preparations we had made. And though, we were impacted by power and data connectivity failure, we managed to reach out and serve our customers across the network. Thanks to the excellent support and cooperation we received from Omantel and the concerned Ministries we were able to recover rapidly."  

Needless to say that the Bank's efforts in this direction have well paid off.

"Substantial progress has been made in restoring normal operations across our branches and ATMs network across the Sultanate. As of now, 95 of our total 100 branches are providing full-scale service to our customers. A total of 171 of our 233 ATMs are also readily serving the needs of customers. Our Call Centre and Internet Banking facilities are also providing customers the full range of services", Mr Said added. 

The Bank's Data Recovery Centre (DRC) in MBD South, which is always kept in an advanced state of readiness, was also pressed into service with the bank's baituna office in the Qurum Commercial Complex area being severely damaged.

"Our baituna operations though affected by the floods, has been up and running from the first day that we all came to work. Our efforts, at the BCP committee, are focused on ensuring the minimum disruption of work and the least inconvenience to our customers. Even as we speak, all efforts are on to bring our network back to a hundred per cent efficiency. BankMuscat, as you know, is focussed on ensuring the highest levels of customer service", he added. 

Business Continuity Planning looks at ways and means to equip an organization deal with a variety of crises that may come its way, both from economic and natural reasons. BCP looks not only at providing organization's with the right set of tools and response mechanisms but also at identifying key procedures that will help protect an organization during a crises, reduce downtime and provide a minimal disruptions in the normal delivery of products and services.

When asked on his views of what a successful BCP programme constitutes, Mr AbdulRazak concluded:

"I believe the real test of resilience and the success of a BCP programme lies not only in its ability to help an organization eventually recover from a disaster, but also in its ability to empower an organization to continue operations and serve its customers without major service disruption even during an unforeseen crises. 

"This perhaps is best seen in the efforts of our national administration, under the visionary leadership of His Majesty Sultan Qaboos bin Said. Each one of us are truly indebted to the tireless efforts of various government bodies in the restoration and rehabilitation process. We, At BankMuscat, are fully confident that the country has the strength to soon bounce back and be even stronger than before. " 

The practice of Business Continuity Planning shot into prominence worldwide following the tragic incidents at the Twin Towers, World Trade Centre in the United States of America on September 11, several years ago, when leading global organizations realized how ill-prepared they were to take on a crises of serious proportions.

-Ends-

About BankMuscat SAOG:
With assets worth over USD 8.5 billion, BankMuscat (SAOG) is the largest Bank in Oman today with a strong presence in Corporate Banking, Consumer Banking, Investment Banking, Treasury, Private Banking, Project Finance and Asset Management. The Bank has a network of 100 branches and 230 ATMs in Oman and a representative office in Dubai (UAE). BankMuscat also has a strategic stake in Centurion Bank of Punjab, one of the largest private sector bank in India, and has a 49% stake in BankMuscat International (BMI), an independent banking entity in Bahrain that is focused on becoming a truly GCC regional bank. The Bank has also recently opened its operations in the Kingdom of Saudi Arabia.About Insight Consulting Limited, UK:

Insight Consulting Limited, UK is a Siemens Group company and is one of UK's largest management consultancies specializing in business continuity and risk management systems. Insight has extensive expertise in operational response to crises and the development of crises management plans. It offers a complete end-to-end portfolio of services comprising Research, Consultancy, Testing, Implementation, Training, Recruitment and Managed Services. Insight Consulting is BS 7799 certified and is an S-CAT Category 7 supplier and subscribes to the CESG Listed Advisor Scheme (CLAS) and CHECK services.

For more information, please contact:
Suha Al Raisi, Officer - Corporate Communications
BankMuscat SAOG
Phone: +968 24768595
Email: suhaa@bankmuscat.com

Sukanti Ghosh, Head - Corporate Communications
BankMuscat SAOG
Phone: +968 99261325
Email: sukantig@bankmuscat.com

© Press Release 2007