Oman’s Bank Muscat appoints new CEO, plans restructuring

Bank Muscat has announced the appointment of a new chief executive and plans to ‘revise’ its organisational structure.

Sheikh Waleed Al Hashar will take on the role from January 1, 2019 under a company succession plan, the lender said in a Muscat Securities Market statement.

This plan will see current CEO Abdul Razak Ali Issa and chief operating officer Ahmed Al Abri will retire form their positions on December 31, 2018 after more than 30 years of service.

Ali Issa and other members of the executive management will oversee the shift over the coming months.

“The board of directors has also approved a revised organisational structure in line with its strategic plan and trust in Omanis’ potential and capabilities, the bank said in a statement.

The appointment and revised organisational structure are subject to Central Bank of Oman approval.