MUSCAT : Sohar International Bank SAOG has received in-principle approval from the Central Bank of Oman (CBO) to move forward with its proposed acquisition of a majority stake in Neo Group Limited – KSA, marking a key step in the bank’s planned regional expansion.
The approval follows Sohar International’s earlier disclosure on August 12, 2025, when the bank announced it was seeking regulatory clearance to enter a non-binding Memorandum of Understanding (MoU) with Neo Group Limited UAE, the seller holding 80% equity in Neo Group Limited KSA. The MoU outlined Sohar International’s intention to explore acquiring up to 55% of the Saudi-based company.
In today’s disclosure, Sohar International confirmed that the CBO has now granted its preliminary approval to proceed with the intended acquisition. The next phase will involve detailed due diligence and securing final regulatory approvals in both Oman and the Kingdom of Saudi Arabia.
“Sohar International will make further announcements as material developments occur,” the bank said, adding that it will continue to comply with all regulatory requirements across both jurisdictions.
Sohar International Bank has secured in-principle approval from the Central Bank of Oman to acquire up to 55% of Saudi-based Neo Group Limited. The move marks a significant step in its regional expansion strategy, with due diligence and final regulatory clearances in Oman and Saudi Arabia still pending before the deal can be completed.