Ahli Bank in Oman said its board rejected a merger offer from Oman’s second-biggest lender Bank Dhofar.
In a disclosure to Muscat Stock Exchange,
the 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.
On Tuesday, both banks had confirmed about the merger talks which would have created an entity with more than $19 billion in assets.
According to the financial statements,
Bank Dhofar has $11.2 billion in assets, while Ahli Bank in Oman has about $7.9 billion.
Last year, local lender Sohar International entered into a binding merger agreement with HSBC Oman and the proposal was approved by the Central Bank of Oman. According to sources, the merger is expected to complete in the second half of this year.
