MUSCAT: Sohar International Bank, a leading Omani bank, has received a no objection letter from the Saudi Central Bank (SAMA) to commence operations in Riyadh, the Kingdom of Saudi Arabia. This is a significant milestone for the bank, as it marks its expansion into the largest GCC economy. Sohar International's branch in Riyadh will offer a comprehensive range of banking and financial services to corporate and individual customers. The bank plans to leverage its expertise in trade finance, investment banking, and treasury services to support the growth of businesses in Saudi Arabia. Sohar International will also offer a wide range of retail banking products and services to meet the needs of Saudi residents.
The bank's expansion into Saudi Arabia is part of its broader strategy to grow its international business. Sohar International already has a presence in the United Arab Emirates and Bahrain, and it is planning to expand into other GCC countries in the near future.
The establishment of Sohar International's branch in Riyadh is expected to boost trade and investment between Oman and Saudi Arabia. The two countries have close economic ties, and the expansion of Sohar International's operations will further strengthen these ties.
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