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BankDhofar awaits response from Bank Sohar on merger


BankDhofar said following the ‘Best Bank in the Sultanate 2014 award, it has won two more awards from the Banker Middle East Awards 2014, organised by CPI Financial, Dubai. — Picture by Hussain Al Muqbali/Times of Oman

MUSCAT: BankDhofar Tuesday said it is waiting for a response on the proposed swap ratio from Bank Sohar to proceed with the merger plan.

"We have proposed a swap ratio, they are now studying it and validating the swap ratio and fundamentals of the bank," Abdul Hakeem Omar Al Ojaili, acting chief executive officer, told journalists here yesterday on the sidelines of an event to receive the best bank in the Sultanate 2014 award.

"If the merger takes place, the merged entity will be the second biggest bank in Oman, after Bank Muscat," he added.

Referring to the credit growth, he said the bank is likely to achieve a higher growth in loan book this year, compared to last year.

"The corporate sector probably has more chances because of the development projects under implementation and developments in small and medium enterprises. Retail loan demand is also growing, but at a slower pace because of the restrictions."  Al Ojaili said the bank has achieved a 15 per cent growth in net earnings on year-on-year. Excluding the legal case recovery, net profit for the first half of 2013 stood at OMR17.8 million.
Excluding the on-off gain, BankDhofar's first half 2014 net profit rose 15.1 per cent.

To get in touch with our reporter: businesseditor@timesofoman.com

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