Oman's Bank Sohar, in talks to merge with larger rival Bank Dhofar, plans to issue a 70 million rial ($181.8 million) mandatory convertible bond to boost its capital reserves, it said on Wednesday.
The issue, which will be don
Oman's Bank Sohar, in talks to merge with larger rival Bank Dhofar, reported on Monday a 31 percent year-on-year jump in net profit for the first quarter of this year to 7.96 million rials ($20.7 million).
Net loans and advanc
Bank Dhofar, Oman's second-largest bank by market value, said on Tuesday it would begin talks with fellow lender Bank Sohar over a possible merger.
Any potential tie-up would be dependent on a similar desir
Dar Al Sharia Legal & Financial Consultancy, Dubai Islamic Bank’s (DIB) Sharia consultancy and Sharia advisory subsidiary, has entered into an agreement to provide consultancy services to the fourth largest bank in Oman, Bank Sohar.
Oman's Bank Sohar on Tuesday reported a 33 per cent rise in second-quarter net profit helped by higher lending and increased deposits from customers.
The lender reported a profit of 3.2 million rials ($8.31 million) versus 2.4 million
Oman's Bank Sohar said on Sunday it had $4.3 million exposure to a syndicated loan from Dubai World's troubled property unit Nakheel.
In a regulatory filing, the lender said the exposure was part of a syndicated loan, bu
Oman's Bank Sohar has appointed Rashad Ali Abdullah Al Musafir as the chief financial officer, the bank said in a statement posted on the bourse's website on Tuesday.
Al Musafir, who headed the planning and reporting unit of the bank, repl
Oman's Bank Sohar registered its first net profit of 2.447 million rials ($6.36 million) in the second quarter of 2009, up from a loss of 776,000 rials a year earlier, the bank said in a statement.
The bank made a net profit of 1.671 milli
Oman's Bank Sohar has opened a new branch at Ibra.
Sheikh Ahmed bin Rashid Al Ma'amari, wali of Ibra, formally opened the branch.
With the opening of the branch, Bank Sohar has six branches, of which three are in the capital area.
Bank Sohar, Oman's newest lender, said on Wednesday it planned to raise its capital by 100 per cent to help finance expansion.
"We are asking our shareholders for the funds to raise the capital to RO100 million ($259.8 million) and we expe