Sohar International merges with HSBC Oman

Monday 21 August 2023 12:29 CET | News

Oman-based bank, Sohar International, has completed its merger with HSBC Oman aiming to strengthen its position as a growing financial institution in the country.

This merger is expected to open up various opportunities for Sohar International, as it embarks on a journey of growth. The Bank has stated that it has laid the groundwork to enhance its operations and expand its reach, both within and outside Oman. The infusion of additional capital by this merger will allow for increased lending as well as investments, aiming to strengthen the bank’s position as a player in economic growth.

Furthermore, Sohar International also expressed excitement to welcome its new customer base, which is made possible due to the merger. The bank stated that it places high regard on the trust and loyalty of its existing customers, who served as a driving force behind its pursuit of success. With a combined network, Sohar International is now positioned to provide services across 76 branches, 153 ATMs, upgraded digital channels, as well as an expanded workforce.

Oman-based bank, Sohar International, has completed its merger with HSBC Oman aiming to strengthen its position as a growing financial institution in the country.

Opportunities for financial institutions in Oman

According to an article by the Oman Observer, the financial sector acts as a stimulant for economic development through various functions. It facilitates efficient allocation by connecting savers and investors. It provides funding for investment in infrastructure, tech, research and more, which can help drive investment and innovation. It also offers risk management tools such as insurance and derivatives to combat risks for businesses and people.

As a driver in stimulating growth, financial intuitions could play a big role in supporting opportunities in several areas. Some of which are:

Green Financing: Oman’s national strategy of achieving net zero emissions by 2050 presents investment opportunities valued at USD 190 billion. Therefore, this provides ways to collaborate and attract capital funds to finance this plan.
Islamic Finance: increasing demand for Shariah-compliant products and services within the country. Banks offering these products can be of significant strategy.
Fintech: the country is enthusiastic about promoting fintech innovations and digital transformation within the financial sector. This presents an opportunity for services to tap into this growing market.
Ecommerce and digital payments: Oman’s ecommerce market is growing rapidly. This is driven by the increased use of the internet as well as the ever-changing consumer preference and expectations. Providing ecommerce platforms, digital payments solutions or online marketplaces can become a useful opportunity.
Corporate Consultancy: foreign business investments are growing at a steady rate in the country, and most have a demand for advisory services. Providing guidance on mergers and acquisitions, planning or market entry can also be an important business venture.

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Keywords:	merger, banking, financial services, financial institutions
Categories:	Banking & Fintech
Companies:	Sohar International
Countries:	Oman

This article is part of category

Banking & Fintech

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