Muscat: National Bank of Oman has been selected as the onshore banking partner for International Distribution Network SPC – the distribution arm of Sainsbury’s.
One of the UK’s largest food retailers, Sainsbury’s is preparing to establish a new operations hub in Sohar Port, launching over 12,000 FMCG products in the Middle East and Africa region.
It’s the latest such collaboration for NBO, highlighting the bank’s tailor-made capabilities for multi-national corporations while supporting projects that are contributing to the Sultanate’s economic development.
Asif Redha, Head of Global Transaction Banking at NBO, said: “We are glad to offer our services to International Distribution Network SPC Oman and looking forward to strengthening our mutual collaboration over the coming years. NBO is always at the forefront of providing innovative technological solutions to international and local businesses.
“Our corporate digital services help institutions to manage their liquidity and reduce their costs. Meanwhile, our unique digital platform offers tailor-made solutions to the FMCG and logistics industries for seamless local and foreign payments as well as offering International Trade finance capabilities with a single sign-on,” he added.
Shahid Rafique K, Director Sales & Operations at International Distribution Network SPC, added: “We are delighted to have chosen NBO as our onshore banking partner and are confident that the collaboration will help us to capitalise on the geographical advantages that Oman offers, as well as its rapidly developing transport and logistics infrastructure, as we seek to grow our presence in the wider region.”
Sainsbury’s, a multi-brand, multi-channel retailer, has over 1,400 stores throughout the UK. Through the operations hub of International Distribution Network SPC set up recently in Sohar, Sainsbury’s now has access to potential markets encompassing the Middle East and Africa, which is home to nearly 1.4 billion people.
From this hub, International Distribution Network SPC plans to supply and reach Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Bahrain, Jordan, Egypt, and Pakistan, besides Oman.
NBO enjoys a long-standing history and proven track record in supporting businesses with a comprehensive suite of products and services, and cutting-edge solutions. Backed by enhanced capabilities and expertise in structuring financing solutions that meet the individual needs of its clients, it continues to be the ideal partner of choice for mid and large-sized corporations and multinationals while positioning itself as ‘the bank of choice’.
