Banking on ERP

Oracle Middle East, has announced that Oman’s Bank Muscat has selected the Oracle E-Business Suite 11i to update its financial, purchasing, cash flow and the human resources functions for more than 2500 employees in Oman and Bahrain.

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By  Maddy Reddy Published  April 25, 2004

Oracle Middle East, has announced that Oman’s Bank Muscat has selected the Oracle E-Business Suite 11i to update its financial, purchasing, human resources functions, cash flow and the resources of more than 2500 employees in Oman and Bahrain. With portfolios in the retail, corporate, and investment banking sectors and more than six mergers and acquisitions in the last five years, Bank Muscat said it will rely on the Oracle Financials and Oracle Purchasing solutions to integrate its accounting processes across the different banking groups, ensuring that executives have up-to-the-minute information on the organisation’s cost, capital and assets. From a personnel perspective, the Oracle Human Resources Management System (HRMS), including Oracle Payroll, will automate and deliver a number of online services that Bank Muscat’s employees around the region can access, significantly reducing the time and cost associated with manual functions such as salary payments, expense reports, and leave requests. “In order to maintain our leadership in the market as expert financial advisors and reliable business partners for our clients, it’s critical that Bank Muscat itself have stringent control of our own financial processes, including an integrated real-time system that reflects the bottom lines of all of our diverse banking interests,” says D. Venu, IT manager, Bank Muscat. Centralising financial information from Oman’s largest branch network as well as the bank’s regional offices will enable it accurately assess the level of necessary resources to make further acquisitions. With the region's changing regulatory landscape, the new system will also help ensure that Bank Muscat is in compliance with any new records retention or risk assessment requirements. “Any organisation pursuing a growth strategy based on mergers and acquisitions must be able to report on its financial health at any given time, in addition to requiring the flexibility to act quickly when market opportunities arise. Similarly, the merged entity needs human resources in place that maximise skills while streamlining administration,” says Husam Dajani, vice president of Oracle Middle East. According to the enterprise application vendor, Bank Muscat joins other regional financial institutions such as Mashreq Bank, Emirates Bank, National Bank of Dubai, Al Rajhi Banking and Investment, Egyptian American Bank and Doha Bank, which have deployed similar modules of its E-Business Suite.

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