Sohar International and EFG International ink pact

Business Monday 07/October/2019 18:48 PM
By: Times News Service
Sohar International and EFG International ink pact

Muscat: Sohar International announced that the bank has entered into a Strategic Alliance Agreement with EFG International, one of the largest and best-capitalised Swiss private banks with an international footprint.
As part of this agreement, both institutions intend to join efforts in order to provide financial institution, sovereign wealth funds, family offices, pension funds and high net worth (HNW) individuals with exclusive access to global investment opportunities and innovative products.
With its global footprint, EFG International has a presence in major financial centers and growth markets around the world. It has strong roots in Switzerland, with Zurich, Geneva and Lugano serving as key hubs for the governance and operation of the bank. EFG International operates in around 40 locations worldwide, with a network spanning Europe, Asia Pacific, the Americas and the Middle East.
EFG International’s open architecture platform matches the strategic long-term objectives of Sohar International, and will further strengthen and enhance customers’ access to global financial markets and a wide product range, including amongst others bonds, equities, IPO’s, private funds, and real estate, subject to regulatory approval. Thanks to its international footprint and extensive service offering, including long-standing experience in succession planning for Omani clients, EFG is an ideal strategic partner for Sohar International, given the complementary service offering.
Ahmed Musalmi, CEO of Sohar International, said: “The strategic alliance with EFG International will combine our existing investment advisory business and wealth management platform with EFG’s capability to access global markets and products. EFG International is an ideal international financial partner and offers the security and solidity cherished by Omani clients. We have kick started our Investment Banking and Wealth Management Platform and EFG will augment growth of these businesses. We believe EFG’s international experience will be an enabler in enhancing financial advisory capability of local market players and foster development of capital market in Oman.”
Al Musalmi added: “This one-of-a-kind alliance in Oman which showcases our aspiration to bring the best international to Oman and to take the best of Oman to International market. This strategic step is positioned to deliver on our purpose of helping customer win and achieve their investment goals.”
“Sohar International looks forward to this exciting period in its strategic growth and welcomes the opportunities that this alliance will empower the people of the Sultanate of Oman as communities and people to prosper and grow locally and access the international capital market within their own time zone.”
Adrian Kyriazi, Head of Continental Europe Region at EFG International, said: “We are very pleased to be partnering with Sohar International for this exclusive strategic alliance. As part of this partnership, Omani customers will be able to benefit from the option of a private banking relationship with EFG in Switzerland and from access to EFG’s extensive product and service offering, while simultaneously leveraging on Sohar International’s capabilities as an Independent Asset Manager. We are confident that this partnership will benefit all parties involved, and we look forward to a successful collaboration.”
Sohar International’s Investment Banking unit provides a suite of products and services including comprehensive financial advisory and capital raising solutions to local and international customers. Customers receive tailored financial solutions and strategic advisory services on a wide range of advisory and capital-raising activities including mergers, acquisitions, divestitures, financial restructurings, underwriting and distributing equity, debt, and derivative securities. The Bank’s investment bankers are organised into industry, product and regional groups and work closely with partners in capital markets, sales and trading, research and global relationship banking, to offer customized asset management and financing strategies for clients.