Muscat: Bank Sohar will change the name of the organisation to Sohar International Bank, a statement to the Muscat Securities Market (MSM) on Wednesday.
An extraordinary general meeting (EGM) of the shareholders on Tuesday passed the resolution to amend the Section (1) of the Articles of Association of the bank to change its name from ‘Bank Sohar SAOG’ to ‘Sohar International Bank SAOG’.
The shareholders also resolved that the brand of the bank will be ‘Sohar International’, the bank said in its disclosure to the MSM.
Bank Sohar shareholders also approved the bank’s resolution to issue additional tier-1 capital instruments in the form of perpetual bonds of upto RO100mn with a nominal value of RO1,000 per bond.
The perpetual bonds would be issued by way of private placement, after obtaining all required regulatory approvals. Bank Sohar shareholders also approved to authorise the board of directors to determine all other terms of the issuance and take all necessary actions to execute the same.