Bank Dhofar offers terms of proposed merger to Bank Sohar

Dubai / Reuters

Oman’s Bank Dhofar, in talks with Bank Sohar on a possible merger, said on Sunday that it communicated the terms for a deal to its smaller rival after completing due diligence.
Bank Dhofar, the sultanate’s second-largest lender by assets, said the financial and legal due diligence concluded on April 23, it said in a bourse statement.
The terms of the merger were not disclosed.
Bank Sohar, Oman’s fifth-largest lender, is considering the terms offered which may be subject to further discussion and negotiation, the statement said.
The merger would create the country’s second-largest bank with a market capitalisation of $1.81 billion and assets of $13.69 billion, Thomson Reuters data shows.
Bank Dhofar currently has a nationwide network of 58 branches (Bank Dhofar) 10 Branches of (Maisarah Islamic Banking) and 127 ATMs and 49 CDMs and 5 FFMs across the length and breadth of the Sultanate.
As one of the fastest growing financial services institution in the Sultanate, it offers corporate banking, consumer banking, treasury and project finance services —
designed to meet the diverse needs of consumers, small and medium size businesses and mid-market companies in the region.
As Oman’s second-largest bank (by market value), Bank Dhofar has earned the reputation of a
financial institution with a strong commitment to consistency and growth. In addition to the conventional banking products and services the bank offers several electronic banking services, such as, Internet banking, Phone Banking, SMS banking, cash deposit and payment machines.
With assets worth over RO3.6 billion, Bank Dhofar is one of the fastest growing Banks in the Sultanate of Oman, with a strong presence in corporate banking, consumer banking, treasury and project finance.
The branch network has reached 67 with an extensive ATM network spanning the country. BankDhofar has a reputation of commitment, foresight and solid growth.
In 1992, The Bank purchased the assets and liabilities of Bank of Credit and Commerce International (BCCI) from the Central Bank of Oman, thus expanding its network. While in 1999, A new Head office building was inaugurated in the Commercial Business District marking the bank’s 10th anniversary.