Plans to move into new 32000-sqm Head Office at Airport Heights, Seeb

Muscat. 10 February 2008: BankMuscat SAOG, the nation's largest Bank, is gearing up to move into a 32000-sqm state-of-the-art head office building that will come up at Airport Heights, Seeb in 2009. Work on the project, which has been estimated at RO 36-million, 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.

-Ends-

About BankMuscat (SAOG):
With assets worth over US $10.9 billion, BankMuscat (SAOG) is the largest bank in Oman today with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. The Bank has a network of 107 branches and over 260 ATMs in Oman, a branch in Riyadh, Saudi Arabia, and a representative office in Dubai (UAE). BankMuscat also has a strategic stake in Centurion Bank of Punjab, a private sector bank in India and BankMuscat International (BMI) an independent Banking entity that will be focused on becoming a truly GCC regional bank. The Bank has also acquired a 43% stake in the Mangal Keshav Group, one of the oldest and most respected securities houses in the fast-growing Indian equities market.

For more information:
Sukanti Ghosh, Head - Corporate Communications
BankMuscat SAOG
Ph: +968 99261325
Fax: +968 24787768
Email: sukantig@bankmuscat.com 

Suha Al Raisi,
Assistant Manager, Corporate Communications
BankMuscat SAOG
Ph: +968 24768595
Email: Suhaa@bankmuscat.com

Media Inquiries:
Saloni Suri / Salma Al Habsi
ASDA'A Public Relations,
Exclusive Affiliate of Edelman PR Worldwide in Middle East and North Africa
Oman, Muscat
Tel:  +968 24562762
Fax: +968 24562763
s.suri@asdaa.com
s.alhabsi@asdaa.com

© Press Release 2008