Latest news with #NeoGroup
Zawya
3 days ago
- Business
- Zawya
Oman: Sohar International eyes majority stake in Saudi's Neo Group
MUSCAT - Sohar International Bank SAOG (SIB) has announced plans to acquire a controlling stake in Neo Group Limited, a financial services firm based in the Kingdom of Saudi Arabia, as part of its wider regional growth strategy. In a filing with the Muscat Stock Exchange (MSX) on Tuesday, Aug 12, SIB said it has approached the Central Bank of Oman (CBO) seeking preliminary approval to sign a non-binding Memorandum of Understanding (MoU) with the shareholders of Neo Group. The MoU outlines the possibility of acquiring up to 55 per cent of the company's share capital from an existing Saudi shareholder, who currently owns an 80 per cent equity stake. Neo Group is an established financial institution in Saudi Arabia, holding regulatory licences from the Capital Market Authority (CMA) to provide asset management and financial advisory services. According to SIB, the proposed acquisition aligns with its vision to expand its footprint in key regional markets and reinforce Oman's presence in the Gulf's fast-growing financial services sector. SIB noted that the transaction is still in its early stages and will be subject to a series of conditions before completion. These include a satisfactory outcome from the due diligence process, successful negotiations, execution of definitive agreements, and obtaining all necessary regulatory, corporate, and other mandatory approvals from both Omani and Saudi authorities. 'This intended acquisition forms part of Sohar International's regional expansion strategy and vision to strengthen Oman's representation in regional financial markets,' the bank said in its disclosure. The bank emphasised that it will make further announcements in accordance with regulatory requirements as and when material developments take place. The disclosure was signed by Abdul Wahid Mohamed al Murshidi, Chief Executive Officer of Sohar International Bank. 2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
4 days ago
- Business
- Observer
Sohar International eyes majority stake in Saudi's Neo Group
MUSCAT, AUG 12 Sohar International Bank SAOG (SIB) has announced plans to acquire a controlling stake in Neo Group Limited, a financial services firm based in the Kingdom of Saudi Arabia, as part of its wider regional growth strategy. In a filing with the Muscat Stock Exchange (MSX) on Tuesday, Aug 12, SIB said it has approached the Central Bank of Oman (CBO) seeking preliminary approval to sign a non-binding Memorandum of Understanding (MoU) with the shareholders of Neo Group. The MoU outlines the possibility of acquiring up to 55 per cent of the company's share capital from an existing Saudi shareholder, who currently owns an 80 per cent equity stake. Neo Group is an established financial institution in Saudi Arabia, holding regulatory licences from the Capital Market Authority (CMA) to provide asset management and financial advisory services. According to SIB, the proposed acquisition aligns with its vision to expand its footprint in key regional markets and reinforce Oman's presence in the Gulf's fast-growing financial services sector. SIB noted that the transaction is still in its early stages and will be subject to a series of conditions before completion. These include a satisfactory outcome from the due diligence process, successful negotiations, execution of definitive agreements, and obtaining all necessary regulatory, corporate, and other mandatory approvals from both Omani and Saudi authorities. 'This intended acquisition forms part of Sohar International's regional expansion strategy and vision to strengthen Oman's representation in regional financial markets,' the bank said in its disclosure. The bank emphasised that it will make further announcements in accordance with regulatory requirements as and when material developments take place. The disclosure was signed by Abdul Wahid Mohamed al Murshidi, Chief Executive Officer of Sohar International Bank.
Time of India
31-07-2025
- Business
- Time of India
Neo Asset Management makes first close of Rs 2,000 crore secondaries fund
Synopsis The Securities and Exchange Board of India-registered Category-II alternative investment fund focuses on acquiring secondary stakes in unlisted Indian companies. It focuses on companies that are profitable at before interest, taxes, depreciation and amortisation and offer an exit pathway within two to four years. Neo Asset Management is the asset management arm of Neo Group, which manages more than Rs 13,500 crore across private equity, credit and infrastructure. It counts Peak XV Partners, MUFG and Euclidean Capital among its backers.
28-05-2025
- Business
Itochu to Enter U.S. Insurance Distribution Biz
News from Japan Economy May 28, 2025 17:50 (JST) Tokyo, May 28 (Jiji Press)--Japanese trading house Itochu Corp. said Wednesday that it will enter the retail insurance distribution business in the United States in partnership with the Neo Group. Itochu acquired a stake in Churchill Innovative Holdings LLC, the Florida-based parent of the Neo Group, in a deal estimated to be worth billions of yen. Through the capital alliance, Itochu aims to strengthen its retail insurance business. It already partly owns Japanese insurance distributor Hoken No Madoguchi Group Inc. and insurance companies in Southeast Asia. The Neo Group provides partner insurance distributors with support, including helping them streamline operations and undertaking call center operations. It also provides insurance companies with product planning and development proposals. END [Copyright The Jiji Press, Ltd.] Jiji Press
Economic Times
09-05-2025
- Business
- Economic Times
Wealth manager lures India bankers with 60% revenue sharing
Neo Group, an Indian money manager, is intensifying competition for talent by offering senior bankers up to 60% of the revenue they generate. This aggressive hiring strategy aims to more than double its banker headcount by March 2026, amidst expansion from larger rivals. Neo's differentiated incentive structure has already attracted talent from various financial firms. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads A $6 billion Indian money manager plans to ramp up hiring of senior bankers by allowing them to keep up to 60% of the revenue they bring in, showing how competition for talent is heating up in one of the world's fastest growing wealth markets. Neo Group , founded by Nitin Jain in Mumbai in 2021, is looking to hire up to 70 wealth managers by March 2026, people familiar with the matter said. That would more than double the headcount of bankers at the firm, which managed Rs 55,000 crore ($6.5 billion) of assets across wealth and asset management as of March 2025. The people asked not to be identified as the hiring plan is not move by the firm adds to a private banker hiring spree in recent years and come as larger rivals from billionaire Uday Kotak's private bank and Standard Chartered Plc and HSBC Holdings Plc are also expanding.A differentiated incentive and payment structure has helped Neo hire bankers and fund managers from buyout firms and private credit firms. It operates a partnership model under which bankers can keep as much as 50% to 60% of revenue from clients, who pay advisory fee on a monthly basis, said the local wealth firms have a much lower revenue share arrangement but pay relatively higher salaries to bankers and relationship managers. Neo's strategy shows the pressure newer entrants face to scale up and acquire more assets under did not respond to an email from Bloomberg News seeking upstart firm, backed by venture capital investor Peak XV and a unit of Mitsubishi UFJ Financial Group Inc., has risen up the ranks of mid-sized money managers in quick pace. Competing with the likes of Blackstone-backed ASK Investment Managers' wealth unit, Neo added about 40 senior bankers in the last few Neo is set to name former 360 One WAM Ltd. executive Shajikumar Devakar as its new chief executive for the wealth unit next week, said the people familiar with the matter. Devakar will take over from Varun Bajpai, who will oversee Neo's technology, operations and client relations.
