Sohar International gets nod for Hong Kong office

Sohar International Bank, Oman’s second-biggest bank by assets, has received approval from the country’s central bank to open a representative office in Hong Kong.

The approval was received on December 25, the lender said in a statement to the Muscat stock exchange on Sunday.

“The central bank’s approval is subject to receiving all necessary approvals, licenses, and clearances from the relevant authorities in Hong Kong and compliance with the applicable laws in both Hong Kong and Oman,” it said in a statement.

In September Sohar International Bank said the move to open a representative office in either Hong Kong or China aimed to strengthen its and Oman’s presence in global financial markets.

The bank reported a net profit of OMR71 million ($185 million) from January to September, a 7 percent year-on-year decline.

Listed on the Muscat Securities Market since December 2024, the lender’s share closed of OMR0.165 has risen 24 percent in the last year.