Riyadh – Sharikat Mubasher: Sohar International Bank is seeking approval from Oman’s central bank to acquire a 55 percent stake in a Saudi-based financial advisory firm as part of its regional expansion plans.
The Muscat-listed lender plans to sign a non-binding memorandum of understanding with Neo Group UAE to explore the purchase of its stake in Neo Group Saudi, which is licensed by the Kingdom’s Capital Market Authority for asset management and financial advisory services, according to the Bank’s disclosure on the Muscat Stock Exchange. No financial terms were disclosed.
The move comes as Sohar International posted an 8 percent year-on-year drop in first-half 2025 profit to OR46.2 million, with operating income down 2 percent to OR115.5 million. The bank’s assets rose 10 percent to OR7.9 billion, while loans and advances grew 21 percent to OR4.9 billion.
Sohar International is also in talks to merge with Ahli Bank after completing its merger with HSBC Bank Oman last year.
