Oman’s No 2 bank Sohar International to open representative office in Hong Kong this week

Sohar International Bank, Oman's second-largest financial institution, plans to open a representative office in Hong Kong this week, signaling the city's growing significance as a stable financial hub amidst Middle East conflicts, according to sources. The bank's CEO, Abdulwahid Mohamed Al Murshidi, is scheduled to visit Hong Kong for the inauguration ceremony on Thursday morning, though the bank declined to comment on the matter as of Tuesday.

The new office, situated at Cheung Kong Center II in Central, marks Sohar International's first foray into the international market, underscoring its commitment to internationalizing its business operations and catering to clients with a presence in the broader Asian market. Donald Chia will assume the role of chief representative for the office, as reported by an anonymous source.

The bank gained approval from the Hong Kong Monetary Authority (HKMA) to establish the representative office in April, a move that the institution highlighted in a LinkedIn post as part of its strategy to expand globally. Hong Kong Financial Secretary Paul Chan Mo-po emphasized the city's increasing role as a long-term capital "landing point" and a platform for Asia-Pacific business expansion in a blog post from the same weekend.

Sohar International, formerly known as Bank Sohar and rebranded in 2018, was established in 2007. Its 2023 merger with HSBC Bank Oman solidified its position as Oman's second-largest bank, with the institution operating 74 domestic branches. Sohar International has expanded into Saudi Arabia, offering retail, corporate, Islamic, and investment banking services, while prioritizing digital transformation and environmental, social, and governance (ESG) initiatives.

According to HKMA data, five Middle Eastern banks currently hold a presence in Hong Kong, accounting for around 200 registered institutions in the city.