Sohar International eyes full acquisition of Bima, majority stake in Saudi's Neo Group

18/08/2025 04:34 AST

Sohar International Bank has unveiled plans for two potential acquisitions as part of its growth and regional expansion strategy, including a move to acquire Oman's first fully digital insurance platform and a majority stake in a Saudi-based financial institution.

In a disclosure to the Muscat Stock Exchange, Sohar International said it has sought in-principle approval from the Central Bank of Oman (CBO) to make a non-binding offer for up to 100% of Insurance House LLC, better known as Bima.

Licensed by the Financial Services Authority (FSA), Bima operates as Oman's first fully digital insurance platform, enabling customers to compare and purchase products ranging from motor and travel to medical and credit life insurance through multiple providers.

Sohar International said the proposed acquisition of Bima aligns with its vision of becoming 'a world-class service company that supports customers, communities and people in their growth and prosperity'.

The bank noted that the transaction remains subject to due diligence, negotiations, execution of definitive agreements, and approvals from regulators and other authorities.

Separately, in an earlier disclosure, Sohar International last week announced its intention to acquire up to a 55% stake in Neo Group Limited KSA. The bank said it had sought in-principle approval from the CBO to enter into a non-binding Memorandum of Understanding (MoU) with Neo Group Limited UAE, which holds an 80% equity interest in the Saudi entity.

Neo Group Limited KSA, licensed by Saudi Arabia's Capital Market Authority, provides asset management and financial advisory services.

Sohar International said the proposed acquisition of Neo Group Limited KSA is in line with its regional expansion strategy and its ambition to strengthen Oman's presence in regional financial markets.

Both prospective deals are contingent on satisfactory due diligence and the receipt of all necessary corporate and regulatory approvals. Sohar International said it will issue further announcements as developments progress.

Muscat Daily