Bank Sohar facilitates LC’s & LG’s in only 30 minutes

This initiative is part of the larger campaign which Bank Sohar launched by introducing the 5 minute promise for opening new accounts, disburse funds for eligible Personal Loan applications within 24 hours

MUSCAT: Delivering on its promise of banking excellence through a comprehensive customer-centric strategy in the year themed as the “Year of You”, Bank Sohar furthers this commitment to its corporate customers by committing a 30 minute turnaround time in facilitating and providing Letters of Credit and Letters of Guarantee.

This initiative is part of the larger campaign which Bank Sohar launched by introducing the 5 minute promise for opening new accounts, disburse funds for eligible Personal Loan applications within 24 hours, and disburse funds for eligible housing loan applications within 72 hours.

Commenting on the bank’s new commitment, Mr Ahmed Al Musalmi, CEO of Bank Sohar, said: “Our drive for excellence is centred on customer-centricity and presently focussed on Bank Sohar’s aspiration to be the most customer centric bank in Oman. This does not limit us to our valuable retail customers only; but also to our corporate customers that play a vital role in being a positive catalyst for the economy. As a market leader, we are committed to innovation, and our themed ‘In The Year of You’ campaign has proven effective in rewarding and engaging with our customers, as well as identifying practical changes to existing procedures, bringing added value through increased quality and convenience enabling us to make a positive change within the banking environment”.

Pledges

Bank Sohar’s efforts to streamline its retail portfolio has recently witnessed several similar pledges, including its commitment to disburse funds on successful Personal Loan applications within 24 hours, as well as to eligible housing loan applicants in 72 hours. Such enhancements ensue as one of the bank’s central approaches to enrich its customer excellence strategy. Bank Sohar is improving service times across the board to meet the demands of modern lifestyles, delivering initiatives such as its five minute promise on opening new accounts.

Trade Finance Services

Shining more light on the Trade Finance Services offered by Bank Sohar in realm of the new initiative, Mr Sriram Subramanian, Head of Trade Finance, said: “The bank offers customized solutions in trade finance, payments, and cash management to its corporate clients based on their requirements. Our Trade Finance team is actively associated with trade promotion bodies to enhance the visibility of and disseminate the bank’s technical knowledge to the local business community. Bank Sohar clearly understands that every business is different and whatever the customer’s requirements may be, we have a variety of solutions and product knowledge to ensure that the transaction is handled to our valued customers’ utmost satisfaction. In an effort to further enhance customers’ experience, the bank proudly announces its commitment to issue Letters of Credit and Guarantees to its customers in a record time of just 30 minutes, subject to the terms and documentation required by the Bank”.

Customers seeking a banking experience defined by excellence can visit any of Bank Sohar’s 31 branches across the Sultanate. Customers who cannot visit the bank during official working hours can now benefit from the extended opening hours of Bank Sohar’s Oman Avenues Mall branch, which now opens evenings and weekends from 9:00am to 9:30pm, seven days a week.