Ahli Bank in Oman receives merger offer from Oman's Bank Dhofar

📆 4/11/2023 1:30 PM
📰 Reuters

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Ahli Bank in Oman said on Tuesday it received a non-binding offer from Oman's second-biggest lender Bank Dhofar for a possible merger.

Ahli Bank, part owned by Bahrain's Ahli Bank, said in a bourse filing its board will review the offer and will update the market with any material developments.

Should they proceed with a merger, a combination could create a bank 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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