In a major development in the Omani banking sector, Bank Sohar International has officially confirmed the successful completion of the merger process with HSBC Oman. The disclosure, made in a recent disclosure to the Muscat Stock Exchange, revealed that the designated 30-day legal window for Sohar International’s creditors to file objections to the merger with HSBC Oman has now expired, without any objections being submitted.
With this final hurdle cleared, the merger is set to be finalised on August 17, 2023. Upon completion, the combined entity will emerge as one of Oman’s largest banks with assets of over RO 4 billion.
The merger is anticipated to bring forth numerous benefits, including synergies and efficiencies that will enhance customer experience and further empower shareholders. Moreover, Sohar International is poised to leverage this strategic move to expand its market presence and offer a more diverse range of products and services to its clientele.
Sohar International, a prominent bank in Oman with a strong focus on corporate and commercial banking, operates an extensive network of more than 60 branches and offices across the country.