bankmuscat approves new CEO appointment

bank muscat approves new Chief Executive Officer appointment and Revised Management Structure

The bank is pleased to announce that the Board of Directors at its meeting on June 27, 2018 approved the Executive Management's recommendation to appoint Sheikh Waleed K. Al Hashar as Chief Executive Officer of the bank commencing January 1, 2019. This comes in line with the Senior Management Succession Plan endorsed by the Board in 2015. Mr. Abdul Razak Ali Issa, current Chief Executive and Mr. Ahmed Al Abri, Chief Operating Officer will retire from their positions on December 31, 2018 after more than 30 years of service with the bank. Mr. Abdul Razak Ali Issa and the Executive Management will oversee the completion of the transition in the upcoming months.

The Board of Directors would like to express its sincere gratitude and appreciation to Mr. Abdul Razak Ali Issa and Mr. Ahmed Al Abri for their outstanding contributions towards the bank's success and position as the leading bank in Oman. The Board would also like to express its great confidence in the capabilities and expertise of the new Chief Executive Officer and the Management Team to maintain the bank's position as the flagship financial services provider in the Sultanate. The Board of Directors has also approved a revised organizational structure in line with its Strategic Plan and trust in Omanis' potential and capabilities. The appointment of the new Chief Executive Officer and organizational structure is subject to Central Bank of Oman approval.