Bank Sohar opens new branch in Sohar

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21 August 2007
MUSCAT -- At a gathering of dignitaries, senior government functionaries and senior management of , Hilal bin Bader bin Ali Al Busaidy, the wali of Sohar, inaugurated the Sohar branch at Souq Sohar.

The monthly draw of the bank's 'Al Mumayaz' Savings Scheme with the prize of a Lexus 350 was also conducted on the occasion of the opening ceremony.

"The sheer scale of the economic development now under progress in Sohar makes it an ideal time for to make its debut in the city," said Nani B. Javeri, chief executive officer.

"The bank ventures into Sohar at a time when the economic environment and the infrastructure for conducting business both local and international are at its prime," he added. Industrial activity in Sohar began in 1992 with the establishment of the Sohar Industrial Estate, which offers its tenants easy access to domestic as well as international markets.

The estate is home to 60 businesses and 18 units under construction. Another 44 units are expected to come on stream in the near future. The new industrial activities in the industrial Port Sohar area form three groups viz. logistics, petrochemicals and metals. Some of the world's leading companies have already set up base for business in Sohar.

opens for business at its first branch on the Batinah coast with the avowed aim of being a one-stop financial super mall offering products and services across various segments.

The bank has in a brief span of a few months since inception demonstrated its ability to offer their customers the 'the best-of-breed' financial solutions based on a well-developed strategy. "We intent to build and manage customer relationship from a long-term partnership perspective," explained Javeri. "Strong relationships will enable us to speedily understand client issues, accelerate the delivery of solutions and facilitate cross-selling of the bank's products.

Our aim is to maximise customer satisfaction and ensure loyalty by constantly upgrading and introducing innovative financial solutions."

Javeri shared that 's Al Mumayaz Savings Scheme has already struck an instant chord with customers. They have warmed to the fact that their efforts to save will be rewarded every month with prizes for the lucky winners.

A Lexus 350 luxury car, a bumper prize of RO20,000, free pre-paid fuel cards for the year and shopping vouchers for 12 months, are some of the prizes lined up for the lucky winners. For New Year's Day 2008, has announced a Grand Bumper prize of RO100,000 to Al Mumayaz Savings Account holders maintaining a minimum balance of RO500 in their accounts during the last quarter of 2007.

has already conducted two Al Mumayaz Saving Scheme lucky draws and brought surprise and joy to several account holders.

's objective is to follow an integrated approach to retail and corporate banking opportunities and to increase the penetration of financial products through a multi-channel approach. "We are adopting a knowledge and wisdom based approach to corporate banking," said Javeri. "The bank also plans to enter into strategic partnerships to deliver a range of global financial products."

"The Sohar Branch will be staffed by Omani nationals with years of experience in banking and with an avowed commitment to customer service," added the CEO. "The bank considers its human resources as a 'strategic enabler' and promotes the philosophy of 'run-it-like-you-own-it.' The bank believes that this philosophy of decentralisation will nurture an entrepreneurial culture that will help the bank's team direct the focus on the customer at all times and encourage innovation in their dealings with them. In as short a time as possible, intents to be 'the employer of choice' in the banking and financial services sector in Oman. The bank provides excellent career opportunities in a multi-cultural and extremely challenging business environment. The bank has met and exceeded the targets for Omanisation both in spirit and in the letter of the law.

At Sohar and all over Oman, the bank will play a pivotal role in shaping the goals developed at the Oman 2020 Vision Conference held 12 years ago.

By the year 2020, it is expected that Oman's economy will move away from its reliance on oil and diversify into non-oil sectors that will call for higher levels of investments and result in higher savings.

will partner industries both big and small and actively participate in the ongoing efforts to diversify the economy, broaden private sector participation and work to the Oman Vision 2020 goals.

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