Oman’s Bank Sohar reached an agreement with Bank Dhofar on the terms of a proposed merger that would create a bank with combined assets of almost $16 billion, a Bloomberg report said.
Each Bank Dhofar share will be exchanged
Omani lender Bank Nizwa, the Sultanate's first Islamic bank, attracted RO681 million ($1.77 billion) of bids in its initial public offer of shares, 11 times the sum which it was raising, the lead manager for the IPO said on Saturday.
Bank Muscat, Oman's largest lender by market value, reported a 15.8 per cent increase in third-quarter net profit on Wednesday, edging ahead of analysts' forecasts.
The bank recorded a net profit of RO29.9 million ($77.66 million)
Bank Muscat, Oman's largest lender by market value, beat analyst forecasts and returned to profit in the fourth quarter of 2010, benefiting from a decrease in impairments and growth in loans and deposits.
The bank made a quarterly prof