< Arab Finance - News - Oman’s Sohar International Bank applies to set up branch in KSA
Count Down to relaunch



Oman’s Sohar International Bank applies to set up branch in KSA

Oman’s Sohar International Bank applies to set up branch in KSA

Sohar International Bank, which is listed on Oman’s Muscat Stock Exchange, is applying to the Saudi Central Bank to open a branch in the Kingdom, Zawya reported a bourse announcement.

“Sohar International is very well positioned to make this endeavour a success,” the statement said.

The announcement on Sunday came as Oman’s Sultan Haitham bin Tariq and King Salman held talks in NEOM during the Omani leader’s official visit to Saudi Arabia.

There are currently 16 foreign banks with operations in Saudi Arabia, according to Argaam, the financial information website. These include Emirates NBD (six branches), Gulf International Bank (three branches), National Bank of Kuwait (three branches) and First Abu Dhabi Bank (three branches).

BNP Paribas of France, Deutsche Bank of Germany, Bank Muscat, National Bank of Bahrain (NBB), and JPMorgan Chase & Co. of the United States, Pakistan National Bank, Ziraat Bank of Turkey, Qatar National Bank, Industrial and Commercial Bank of China, Tokyo-Mitsubishi UFJ, Credit Suisse Group and Standard Chartered all have one branch each.

The potential addition to the Kingdom’s banking scene comes as it was reported last month that the accumulated income of the top 10 banks in Saudi Arabia increased by 34.1 percent during the first quarter of 2021, compared to the previous quarter.

The A&M’s Banking Pulse for Saudi Arabia said lenders in the Kingdom “have rebounded to deliver blockbuster first-quarter profit,” mainly due to improving macroeconomic conditions, the country’s buoyant capital market, and a significant decrease in impairments.

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy.

 

 

 

 

 

 

#Related keywords

'

Recommended Stocks

04 Oct 2021
United Housing & Development UNIT
Close
04.26
Change
01.19
Buy

All rights reserved to Arab Finance 2020 ©

Back to top