Ahli Bank, part owned by Bahrain's Ahli Bank, said in a bourse filing its board decided not to accept a non-binding merger offer from Bank Dhofar.
"The Board of Directors has studied the proposal and decided not to accept it," the statement said without providing a reason for the board's decision. The smaller lender announced on Tuesday it received an offer to combine with Bank Dhofar, which would have created an entity with more than $19 billion in assets.
Bank Dhofar has $11.2 billion in assets, while Ahli Bank in Oman has about $7.9 billion in assets, financial statements showed. Last year, HSBC Bank Oman and local rival Sohar International Bank entered into a binding merger agreement, which was awarded approval from the central bank in February. The merger is expected to complete in the second half of this year.
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