Sohar International marked a historic moment in its journey of growth by ringing the market-opening bell at the Muscat Stock Exchange (MSX) on 20th August 2023. This momentous occasion celebrated the successful merger of HSBC Bank Oman with Sohar International, solidifying the bank's position as one of the fastest-growing financial institutions in the Sultanate of Oman.
The bell-ringing ceremony was graced by the esteemed presence of distinguished guests: His Excellency Abdulsalam bin Mohammed Al-Murshidi, President of Oman Investment Authority, and H.E. Abdullah bin Salem Al Salmi, Executive President of the Capital Market Authority. They were joined by Mr. Mohammed Mahfoodh Al Ardhi, Chairman of Sohar International, and Mr. Ahmed Al Musalmi, Chief Executive Officer, along with other esteemed members of the Sohar International Board and Executive Management. This event marked a significant milestone, and its importance was underscored by the attendance of prominent figures from the financial sector, shareholders, media representatives, and members of the public.
Expressing his pride in the bank's achievements and the transformative impact of the merger, Mr. Mohammed Mahfoodh Al Ardhi stated, "This glorious occasion marks the start of a new era for Sohar International - one that is marked with abundant growth prospects, not only for the bank but also for its stakeholders, investors, customers, and the thriving community that we proudly serve. As we embark on this transformative path, we stand firm in our unwavering commitment to inspire and innovate, steering our banking horizons to new heights of excellence."
Echoing the Chairman’s sentiments, Mr. Ahmed Al Musalmi, Chief Executive Officer, added, "The merger represents a momentous milestone that galvanizes our ambition to propel Sohar International to the pinnacle of success. It will act as a crucial catalyst in our relentless pursuit of advancing the financial ecosystem in Oman and exceeding the ever-evolving demands of a dynamic market. As we move forward, we will continue to reaffirm our position as a reliable partner in building a resilient economy for the nation."
While Sohar International is excited to welcome its new customer base, the Bank places high regard in the trust and loyalty demonstrated by its existing customers, who have served as a driving force behind its relentless pursuit of excellence. With a combined network, Sohar International is now positioned to provide services across 76 branches, 153 ATMs, upgraded digital channels, and an expanded workforce, showcasing its dedication to exceptional customer service and solidifying its position as a premier banking establishment committed to meeting the diverse needs of its esteemed clientele.
The merger opens a plethora of opportunities for Sohar International as it embarks on an exciting journey of strategic growth. The bank has diligently laid the groundwork to amplify its operations and expand its reach, both within and outside Oman. The infusion of additional capital allows for increased lending and investments, fortifying the bank's position as a key driver of economic growth and prosperity.
As a trailblazer in introducing international best practices in Oman's banking industry, Sohar International is well positioned to address the increased deliverables while ensuring uncompromised levels of customer service. The bank remains steadfast in setting new benchmarks of excellence within the financial sector, ensuring its commitment to creating sustained shareholder value.
As the journey unfolds, Sohar International's historic merger with HSBC Bank Oman marks not just a milestone in the bank's history but also signifies a new chapter in Oman's financial landscape. With a renewed sense of purpose and a commitment to innovation, the bank stands poised to shape the future of banking in the Sultanate and beyond, elevating Oman's economy to new heights of success and prosperity.