News Middle East17 Aug 2025

Oman:Sohar International Bank seeks to acquire InsurTech company

| 17 Aug 2025

Sohar International Bank (SIB) has disclosed that it had applied to the Central Bank of Oman (CBO) for in-principle approval to make a non-binding offer for a stake of up to 100% in Insurance House (Bima).

In its disclosure lodged on 13 August 2025 with the Muscat Stock Exchange, the bamk said that the proposed transaction will form part of its vision of becoming a world-class service company.

Bima is Oman's first fully digital insurance portal licensed by the Financial Services Authority, enabling customers to compare and purchase a range of insurance products (including motor, travel, domestic, medical, and credit-life) from multiple insurers through an intuitive online platform.

The completion of the proposed transaction will be subject to completion of due diligence and the receipt of required regulatory and corporate and other mandatory approvals as may be required.

On 10 August 2025, SIB applied to the CBO for in-principle approval to enter into a non-binding Memorandum of Understanding with Neo Group UAE (the seller), which owns an 80% equity stake in Neo Group KSA (the target company) on this, pursuant to which SIB would explore the possibility of acquiring a majority stake of up to 55% in Neo Group KSA from the seller.

The target is a financial institution established and registered in the Kingdom of Saudi Arabia and has obtained regulatory licences from the Capital Market Authority of Saudi Arabia to conduct asset management and financial advisory services. This intended acquisition forms part of SIB’s regional expansion strategy and vision to strengthen Oman's representation in regional financial markets.

Established in 2007, SIB is 15.4% owned by the Oman Investment & Finance Company and 14.6% owned by the Royal Court of Affairs. It is listed on the Muscat Stock Exchange.

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