Ahli Bank in Oman receives merger deal from Dhofar Bank

Ahli Bank United in Oman has received a non-binding offer from Oman’s second biggest lender, Bank Dhofar, for a merger, the bank announced on Tuesday.

Ahli Bank, which is partly owned by Bahrain’s Ahli Bank’s board will be reviewing the offer and update the market with any developments, and the deal is expected to be finalized in the second half of this year, said Ahli Bank in a bourse filling.

Bank Dhofar has $11.2 billion in assets, while Ahli Bank has $7.9 billion in assets, creating a bank with about $19 billion in assets if the two banks proceeded with the merger, financial statements declared.

HSBC Bank Oman has merged with local rival, Sohar International Bank last year, and was later approved by the Omani central bank in February.