Sohar International Receives Initial Approval for Hong Kong Office: What It Means for Omani Investors and Business Expansion
Muscat: Sohar International has received initial approval from the Central Bank of Oman to open a representative office in Hong Kong, marking a strategic effort to enhance its connections with Asian markets and better serve clients with cross-border interests.
The approval was granted on December 25, 2025, but the bank emphasized that the establishment of the office is still contingent upon obtaining all necessary permits and licenses from Hong Kong authorities, as well as ensuring compliance with regulations in both Oman and Hong Kong.
A representative office, by definition, does not engage in banking transactions. Instead, its role is limited to market development and client relationship management. According to the Hong Kong Monetary Authority, such offices of overseas banks are prohibited from conducting banking operations and are primarily restricted to liaison activities.
This move to Hong Kong follows significant developments for Sohar International domestically and regionally. The bank finalized its merger with HSBC Bank Oman on August 17, 2023, following required shareholder and regulatory consents. HSBC continues its presence in Oman through HSBC Bank Middle East Limited — Oman Branch, which commenced operations in May 2024.
Additionally, Sohar International has expanded its Gulf presence, officially inaugurating its Riyadh branch on May 4, 2025.
Financially, Sohar International has reported robust growth post-merger. As of December 31, 2024, total assets were recorded at RO 7.361 billion. By the end of June 2025, total assets had increased to RO 7.877 billion, with customer deposits reaching RO 6.313 billion.
Credit rating agencies have taken note of the bank’s strengthening position. On December 11, 2025, Fitch Ratings upgraded Sohar International Bank’s Long-Term Issuer Default Rating from ‘BB’ to ‘BB+’, assigning a stable outlook.
Sohar International confirmed it will provide further updates as the Hong Kong office approval progresses through subsequent regulatory processes.
Special Analysis by Omanet | Navigate Oman’s Market
Sohar International’s move to open a representative office in Hong Kong signals strategic expansion into key Asian markets, presenting new opportunities for Omani businesses to tap into cross-border financial services and international trade networks. This expansion, alongside its growing Gulf footprint and improved credit rating, positions Sohar International as a robust regional player, but investors should monitor regulatory developments and geopolitical risks in Asia to capitalize on emerging opportunities. Smart entrepreneurs should consider leveraging this enhanced connectivity to broaden their business horizons beyond the GCC.
