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Tue 31 Jul 2018 09:29 AM

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National Bank of Oman and Bank Dhofar to begin merger talks

NBO's total assets at the end of June stood at $8.96 billion, while Bank Dhofar's were $10.99 billion.

National Bank of Oman and Bank Dhofar to begin merger talks
Oman’s Bank Dhofar and National Bank of Oman (NBO) have agreed to begin talks regarding a possible merger, according to disclosures filed to the Muscat Securities Market (MSM).

Oman’s Bank Dhofar and National Bank of Oman (NBO) have agreed to begin talks regarding a possible merger, according to disclosures filed to the Muscat Securities Market (MSM).

“The board of directors of National Bank of Oman in its meeting held on Sunday resolved to commence discussion with Bank Dhofar to explore the possibility of a merger between the two entities, subject to obtaining final approvals from the respective boards, shareholders, stakeholders and regulations,” NBO’s statement to the MSM noted.

Bank Dhofar made an almost identical statement to the MSM.

There have been no significant merger talks in Oman since Bank Dhofar called off proposed merger talks with Bank Sohar in October 2016 after several years of talks after the two parties were unable to agree on key aspects of the merger.

In May, however, Oman Arab Bank and Alizz Islamic Bank agreed to examine the possibility of a strategic collaborations that may eventually lead to a merger.

According to the bank’s most recent financial statements, NBO’s total assets at the end of June stood at RO 3.45 billion ($8.96 billion), while Bank Dhofar’s stood at RO 4.23 billion ($10.99 billion).

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