Sohar International designated as a domestic systemically important bank by Central Bank of Oman
Muscat: Marking a significant milestone in its journey of growth and resilience, Sohar International Bank SAOG ('Bank') has been officially designated as a Domestic Systemically Important Bank (D-SIB) by the Central Bank of Oman (CBO). This recognition solidifies the Bank's standing as a vital pillar of Oman's financial ecosystem, reinforcing its responsibility in upholding economic stability and national prosperity.
Commenting on the landmark designation, Mr. Abdulwahid Al Murshidi, Chief Executive Officer of the Bank, stated, 'Being designated as a D-SIB is a proud moment for Sohar International. This recognition is not just an acknowledgment of our growing influence but also a responsibility that we embrace wholeheartedly. As we continue to evolve and expand, we remain dedicated to delivering innovative banking solutions, empowering businesses and individuals, and contributing to Oman's long-term economic progress.'
A D-SIB designation is applied to banks that play a crucial role in a country's financial system and their continued stability is paramount to the overall health of the economy. As a domestically systemically important financial institution, Sohar International will operate under an enhanced regulatory framework in relation to capital adequacy, risk management, and governance designed to safeguard the banking sector from potential disruptions.
The designation reflects Sohar International's exceptional growth and its pivotal role in shaping the future of banking in Oman. With this recognition, the Bank is poised to further enhance its capabilities, drive sustainable growth, and reinforce its position as a trusted partner in the nation's financial progress.
About Sohar International
With the vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International operates with a purpose to help people 'win' by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery. The Bank seeks to redefine banking in Oman through transformational developments centred on the principles of More Velocity, making everything simple and fast; More Value, ensuring relevance and connectivity to customers' world; and More Vision, liberating stakeholders through talented leadership. www.soharinternational.com
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