Muscat – Saudi Arabia’s central bank has granted Sohar International Bank the licence to open a full-fledged branch in the kingdom.
‘The board of directors of Sohar International Bank is pleased to announce that on November 7, Sohar International received a licence from the Saudi Central Bank for opening of a full-fledged branch of Sohar International in Saudi Arabia,’ Sohar International said in a disclosure to the Muscat Stock Exchange.
The disclosure said Sohar International Bank will conduct banking business in Saudi Arabia in line with the regulatory requirements in the kingdom.
Saudi Arabia’s Cabinet recently approved the licence for Sohar International Bank to open a branch in the kingdom.
The Cabinet also authorised the Saudi Minister of Finance to decide on any subsequent request to open other branches of Sohar International Bank across Saudi Arabia, according to a Saudi Press Agency’s report.
The board of directors of Sohar International Bank earlier affirmed to the shareholders that the expansion into Saudi market comes in line with the bank’s strategy to support Oman Vision 2040.
Recently, Sohar International Bank also signed a memorandum of understanding with Saudi Export-Import Bank to establish a framework of cooperation between the banks for the furtherance of their respective mandates.