Omani Sohar Int’l Bank, Okayed to Operate, in the Kingdom

Saudi Cabinet has licensed Omani Sohar International Bank to operate, in the Kingdom, opening a branch, to conduct banking business.

Authorizing the minister of finance – or his deputy – to decide on any subsequent request to open further branches of the bank, in the Kingdom, provided that the bank, in conducting banking business, shall abide by the laws, regulations, and instructions, in force, in the Kingdom.

SAMA, the Saudi central bank, shall coordinate with minister of his deputy, to complete the necessary applicable procedures to realize the decision, the Cabinet decision set forth.

Umm Al-Qura, or the official gazette of the Kingdom of Saudi Arabia, published the approval, ushering in the bank right to start operating.