Sohar International completes merger with HSBC Oman

By Delisha Fernandes

Sohar International has completed its merger with HSBC Oman, solidifying its position as one of the fastest-growing financial institutions in the Kingdom. The company celebrated the moment by ringing the market-opening bell at the Muscat Stock Exchange (MSX) on 20th August 2023.

Mohammed Mahfoodh Al Ardhi, Chairman of Sohar International stated, “This glorious occasion marks the start of a new era for Sohar International one that is marked with abundant growth prospects, not only for the bank but also for its stakeholders, investors, customers, and the thriving community that we proudly serve. As we embark on this transformative path, we stand firm in our unwavering commitment to inspire and innovate, steering our banking horizons to new heights of excellence.”

The merger opens many opportunities for the Bank as it embarks on an exciting journey of strategic growth. The Bank has laid the groundwork to amplify its operations and expand its reach, both within and outside Oman. The infusion of additional capital allows for increased lending and investments, fortifying the Bank’s position as a key driver of economic growth and prosperity.

Ahmed Al Musalmi, Chief Executive Officer Sohar International, said, “The merger represents a momentous milestone that galvanizes our ambition to propel Sohar International to the pinnacle of success. It will act as a crucial catalyst in our relentless pursuit of advancing the financial ecosystem in Oman and exceeding the ever-evolving demands of a dynamic market. As we move forward, we will continue to reaffirm our position as a reliable partner in building a resilient economy for the nation.”

Sohar International expressed excitement to welcome its new customer base. The bank said it places high regard in the trust and loyalty of its existing customers, who “served as a driving force behind its relentless pursuit of excellence.” With a combined network, Sohar International is now positioned to provide services across 76 branches, 153 ATMs, upgraded digital channels, and an expanded workforce.