BankDhofar seeks talks with Bank Sohar board on merger proposal


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Muscat: BankDhofar said it is seeking to meet with Bank Sohar to discuss a proposed merger. 

"The bank is 'currently exchanging correspondence' with Bank Sohar on the potential combination," it said in a statement posted on Muscat Securities Market (MSM) website.

"We have requested for a joint meeting between the two boards of both banks for open dialogue," the statement added. 

BankDhofar said in July it was exploring a possible merger with its smaller rival to create the second-largest bank in Oman with assets of about $10 billion. HSBC Holdings Plc earlier this year combined with Oman International Bank to create the third biggest Omani bank.

Commercial bank lending will rise by 15 to 20 per cent this year, Oman Central Bank Governor Hamud bin Sangur Al Zadjali said earlier this year in March.

BankDhofar had assets of OMR2.49 billion at the end of the third quarter, and Bank Sohar has an asset base of OMR1.85 billion, according to their financial statements.

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