Oman-based Bank Sohar SAOG's shareholders approved the rebranding of the bank to Sohar International Bank.

At an extraordinary general meeting on Dec. 18, shareholders also authorized the bank's board to issue additional Tier 1 capital instruments in the form of perpetual bonds of up to 100 million Omani rials through a private placement.

As of Dec. 18, US$1 was equivalent to 0.38 Omani rials.