Best bank: Sohar International Bank
Sohar International Bank is Euromoney’s best bank in Oman this year. The landmark merger with HSBC Bank Oman in 2023 has resulted in substantial growth in assets, market share, market presence and workforce.
AfE 2024
Led by chief executive Ahmed Al Musalmi, the bank saw a 62% increase in its total assets in 2023 to $17.4 billion, from $10.7 billion in 2022, making it the second-largest bank in the sultanate by assets.
Its profit before tax almost doubled from $90.6 million in 2022 to $182.7 million in 2023.
The bank expanded its digital offering in the review period, launching a new corporate mobile banking app to improve its offering to business clients.
The bank also partnered with Indian fintech PayMate to digitize, automate and streamline business-to-business payments using bank-issued corporate credit cards.
The bank has secured board approval for its environmental, social and governance framework and has reaffirmed its commitment to corporate social responsibility and community engagement, partnering with the Athar Foundation for a medical centre and ambulance services in the country.
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