Oman: Ahlibank board rejects BankDhofar merger offer

Oman: Ahlibank board rejects BankDhofar merger offer

Muscat – The board of directors of Ahlibank has decided not to accept the proposal from BankDhofar to explore the merger between two banks.

On Monday, the board of directors of BankDhofar submitted a non-binding offer to the board of directors of Ahlibank to explore the possibility of a merger deal between two banks.

‘With reference to our previous disclosure on Tuesday regarding the receipt of a non-binding offer from BankDhofar for a potential merger, we would like to inform that the board of directors has studied the proposal and decided not to accept it,’ Ahlibank said in a disclosure submitted to the Muscat Stock Exchange.

BankDhofar’s total assets stood at RO4.317bn as of December 31, 2022. The bank reported a net profit of RO34.17mn for the financial year 2022, recording a growth of 36 per cent compared to RO25.12mn net profit in the previous year.

Ahlibank’s total assets reached at RO3.075bn as of December 31, 2022. The bank’s net profit for the full year 2022 grew 19.9 per cent to RO33.1mn compared to RO27.6mn in the previous year.

The merger of BankDhofar and Ahlibank would have created a larger lender with approximately RO7.4bn assets.

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