Steven Davies has been replaced by Abdullaziz al-Balushi as general manager of National Bank of Oman (NBO). Al-Balushi is the former deputy general manager for banking operations. There is understood to be discussions about appointing a second general manager.

The movement is the third major change at NBO recently. In May, Sheikh Suhail Bahwan became chairman in place of Khalfan bin Nasser al-Wohaibi, following closely on the acquisition of a 36 per cent stake in the bank by Suhail Bahwan Group. In July, Bellikoth Vasanthan replaced John Finigan as chief executive.

‘A bank is a continuum,’ Vasanthan told MEED in an interview on 7 September. ‘We will continue down a path of cost reduction, increasing our low-cost deposits and reducing non-performing loans. We will also look at increasing our project finance activity and moving into bank assurance. Mainly it is a process of consolidation.’