Bank Sohar recently sponsored a CPE Seminar organised by the Muscat Chapter of the Institute of Chartered Accountants of India (ICAI) titled ‘Retail Banking Renaissance’. Held at the Muscat Hall at College of Banking & Financial Studies CBFS (CBFS) in Bausher, the event was attended by Mr. Ram Santhanam, CFO of the Salalah Free Zone, as the Guest of Honour as well as more than 150 ICAI members and guests.
Representing Bank Sohar at the event were Mr. R. Narasimhan, DGM & Head of Retail Banking, Mr. Nandakumar, Sr. AGM of Retail Banking & Products, Mr. Salim Khamis Al Maskeri, Sr. AGM of Branches, Mr. Khamis Masoud Al Rahbi, AGM of Branches, Mr. Sandeep Soni, Head of Retail Sales & Distribution, Mr. Redha Al Lawati, Head of Retail liabilities together with several other branch managers from the Muscat region.
The seminar was inaugurated with a welcome address by CA, Anuradha Venkatkrishnan, Chairperson of ICAI Muscat Chapter followed by a detailed presentation on the ‘Changing landscape in the Retail Banking business and Retail Renaissance’ by Mr. R. Narasimhan, DGM & Head of Retail Banking, Bank Sohar who gave a comparison of global changes in retail banking business which is equally well adapted by Oman’s retail banking space. Further, Mr. Narasimhan gave a full view of the supporting role of the regulator, challenges and Bank Sohar’s strategy to position in the Retail banking by adopting superior technology, skilled human resources and innovative products.
This was followed by a presentation by Mr. Nandakumar, Sr. AGM of Product Development & Retail Business Unit, Bank Sohar who touched on the role of technology in structuring retail products, including loan origination system, Remote Online Payment Services, Bank assurance and latest remittance platforms. In addition an overview of the Bank’s Al Mumayaz Savings Scheme 2014 was presented to the audience by Mr. Redha Al Lawati, Head of Retail liabilities. The final presentation was delivered by Mr. Sandeep Soni, Head of Retail Sales & Distribution Unit, Bank Sohar, who focused on effective customer contact strategies, achieving productivity through smart approaches and distribution strategies to reach the customer. The event concluded with a vote of thanks by Mr. C A Umesh Kumar, Vice Chairman of the ICAI Muscat Chapter.
Bank Sohar’s Retail Banking Division offers customers a comprehensive range of products and services. These start with the Al Mumayaz Children Savings Account, a customized savings product exclusively for young children, together with other incentive linked savings products, business banking current accounts, high-yield fixed deposits and various other investment linked products to cater to the savings and investment requirement of the bank’s customers.
The Muscat Chapter of the ICAI was formed in 2008, signing a MOU with the CBFS with the aim of sponsoring and facilitating the working of the Chapter of ICAI in Muscat to undertake professional development of accountants of all nationalities. In return the ICAI provides assistance and support to CBFS in building Omani Nationals in the Finance, Accounts, Auditing, IT, Corporate Governance and allied activities. Currently, there are about 900 Chartered Accountants from ICAI who are working in Muscat with leading Banks, Accounting Firms, Multinational Companies as well as Local enterprises. One of the major initiatives of the Chapter will also be to augment its strength by inviting all ICAI members in Muscat to take part in its professional activities.