Oman’s Bank Dhofar SAOG plans to submit a non-binding bid to merge with smaller rival Ahli Bank SAOG in a deal that could create an entity with more than $19 billion in assets.
(Bloomberg) — Oman’s Bank Dhofar SAOG plans to submit a non-binding bid to merge with smaller rival Ahli Bank SAOG in a deal that could create an entity with more than $19 billion in assets.
Any transaction will be subject to approval from regulators and the boards of both lenders, Bank Dhofar said in a statement on Monday.
Dhofar is Oman’s second-largest lender with $11.2 billion in assets. Its smaller rival, partly owned by Bahrain’s Ahli United Bank, has just under $8 billion in assets.
Dhofar was previously in talks to merge with National Bank of Oman, a deal the lenders abandoned in 2019. Its stock has fallen 11% since the start of the year, valuing it at $1.21 billion.
Ahli Bank shares have risen close to 2% in the same period, valuing the lender at $881 million.
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