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Sohar International plans to open full-fledged branch in Saudi Arabia

12 Jul 2021

Sohar International Bank is planning to open its first full-fledged overseas branch in Saudi Arabia. The bank is in process of submitting its application to the Saudi central bank to obtain the banking license.

‘The board of directors of Sohar International would like to announce to the market and shareholders that it is in the process of submitting an application to the Saudi Arabian Monetary Authority (SAMA) for a banking license to open a full-fledged branch of Sohar International in Saudi Arabia, subject to regulatory approvals both in Saudi Arabia and Oman,’ Sohar International said in a disclosure submitted to the Muscat Stock Exchange (MSX) on Monday.

This step, the bank said, ‘comes in line with Sohar International’s consistent endeavours to take the best of Oman to the world and bring the best of the world to Oman, while following its customers and their businesses wherever they go and to offer responsive services in this ever changing world’.

The board of directors of Sohar International affirmed to the shareholders and market that this step [opening branch in Saudi Arabia] comes in line with the bank’s strategy to support Oman’s Vision 2040.

‘The board believes that, with its capabilities and ownership structure, Sohar International is very well positioned to make this endeavour a success,’ the bank said in its disclosure.

It added that Sohar International’s board of directors shall keep the market and shareholders updated with any further progress on this matter.

Sohar International, as per the disclosure submitted to the MSX on Thursday, is planning to issue a rights issue of RO50mn as a response to the bank’s increased international and regional focus and to further strengthen the quality of its capital base.

The bank’s board of directors has resolved, by circulation, to issue the RO50mn rights issue. The issue will be subject to obtaining final regulatory approvals from the Central Bank of Oman and the Capital Market Authority, Sohar International said.

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