Sohar International eyes full acquisition of Bima, majority stake in Saudi's Neo Group
In a disclosure to the Muscat Stock Exchange, Sohar International said it has sought in-principle approval from the Central Bank of Oman (CBO) to make a non-binding offer for up to 100% of Insurance House LLC, better known as Bima.
Licensed by the Financial Services Authority (FSA), Bima operates as Oman's first fully digital insurance platform, enabling customers to compare and purchase products ranging from motor and travel to medical and credit life insurance through multiple providers.
Sohar International said the proposed acquisition of Bima aligns with its vision of becoming 'a world-class service company that supports customers, communities and people in their growth and prosperity'.
The bank noted that the transaction remains subject to due diligence, negotiations, execution of definitive agreements, and approvals from regulators and other authorities.
Separately, in an earlier disclosure, Sohar International last week announced its intention to acquire up to a 55% stake in Neo Group Limited KSA. The bank said it had sought in-principle approval from the CBO to enter into a non-binding Memorandum of Understanding (MoU) with Neo Group Limited UAE, which holds an 80% equity interest in the Saudi entity.
Neo Group Limited KSA, licensed by Saudi Arabia's Capital Market Authority, provides asset management and financial advisory services.
Sohar International said the proposed acquisition of Neo Group Limited KSA is in line with its regional expansion strategy and its ambition to strengthen Oman's presence in regional financial markets.
Both prospective deals are contingent on satisfactory due diligence and the receipt of all necessary corporate and regulatory approvals. Sohar International said it will issue further announcements as developments progress.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Muscat Daily
13 hours ago
- Muscat Daily
Sohar International eyes full acquisition of Bima, majority stake in Saudi's Neo Group
Muscat – Sohar International Bank has unveiled plans for two potential acquisitions as part of its growth and regional expansion strategy, including a move to acquire Oman's first fully digital insurance platform and a majority stake in a Saudi-based financial institution. In a disclosure to the Muscat Stock Exchange, Sohar International said it has sought in-principle approval from the Central Bank of Oman (CBO) to make a non-binding offer for up to 100% of Insurance House LLC, better known as Bima. Licensed by the Financial Services Authority (FSA), Bima operates as Oman's first fully digital insurance platform, enabling customers to compare and purchase products ranging from motor and travel to medical and credit life insurance through multiple providers. Sohar International said the proposed acquisition of Bima aligns with its vision of becoming 'a world-class service company that supports customers, communities and people in their growth and prosperity'. The bank noted that the transaction remains subject to due diligence, negotiations, execution of definitive agreements, and approvals from regulators and other authorities. Separately, in an earlier disclosure, Sohar International last week announced its intention to acquire up to a 55% stake in Neo Group Limited KSA. The bank said it had sought in-principle approval from the CBO to enter into a non-binding Memorandum of Understanding (MoU) with Neo Group Limited UAE, which holds an 80% equity interest in the Saudi entity. Neo Group Limited KSA, licensed by Saudi Arabia's Capital Market Authority, provides asset management and financial advisory services. Sohar International said the proposed acquisition of Neo Group Limited KSA is in line with its regional expansion strategy and its ambition to strengthen Oman's presence in regional financial markets. Both prospective deals are contingent on satisfactory due diligence and the receipt of all necessary corporate and regulatory approvals. Sohar International said it will issue further announcements as developments progress.
Observer
a day ago
- Observer
Fed shifts crypto oversight to regular supervision
WASHINGTON: The US Federal Reserve announced on Thursday it will wind down its dedicated programme for supervising banks' involvement in cryptocurrencies and fintech, folding oversight of such activities into its broader supervisory framework. The 'novel activities supervision programme' was launched in 2023 to assess risks tied to digital assets, blockchain services and partnerships between banks and technology firms. The Fed said it no longer sees the need for a separate structure as regulators have gained a better understanding of how institutions manage those risks. From now on, oversight of crypto-related and fintech activities will be handled within the Fed's standard supervisory channels, ensuring consistency across the banking system. The move comes as US regulators continue to adjust their approach to emerging financial technologies. In June, the Fed also dropped 'reputational risk' as a standalone category for bank supervision, a change that analysts said reflected efforts to streamline oversight. 'Integrating these activities into the routine supervisory process reflects both the maturation of the sector and the central bank's confidence in banks' risk management practices,' a Washington-based policy analyst noted. The Fed's decision underscores how regulators are recalibrating rules for digital finance — seeking to balance innovation with systemic stability at a time of growing public scrutiny over cryptocurrencies. — Reuters
Observer
a day ago
- Observer
US retail sales rise in July as job market weakens
WASHINGTON: US retail sales rose in July, supported by stronger gasoline and online purchases, but economists warned that a cooling labour market could slow consumer spending in the months ahead. The Commerce Department said on Thursday that retail sales increased 0.5% last month after edging up 0.2% in June. The gains, however, were uneven across categories, with declines in furniture and electronics sales highlighting household caution. Gasoline station receipts surged 1.9%, reflecting higher fuel prices, while non-store retailers — largely e-commerce platforms — posted a 1.3% rise. Food and beverage sales advanced modestly, but spending on discretionary items showed signs of strain. Analysts noted that while retail activity remains positive, weaker job creation and slower wage growth could limit household purchasing power. US employers added fewer jobs in July than expected, signalling potential risks to consumer-driven growth. 'Consumer resilience is being tested as the labour market softens,' said one Washington-based economist. 'The second half of the year will hinge on whether wage gains can keep pace with inflation.' Retail sales are a key driver of the US economy, accounting for more than two-thirds of overall activity. A slowdown could weigh on broader growth momentum at a time when policymakers are balancing inflation control with the need to sustain demand. The Federal Reserve is widely expected to hold interest rates steady in its next meeting, but pressure may mount if household spending falters more sharply. - Reuters
