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Bank M&A heats up in Oman

Another potential Omani bank merger is on the horizon.

Bank Dhofar SAOG and National Bank of Oman SAOG said July 30 that they will begin discussions regarding a possible merger, which would create the second-largest lender in Oman with assets of roughly 7.68 billion rials, according to S&P Global Market Intelligence data.

The announcement comes after Oman Arab Bank SAOC approached Alizz Islamic Bank SAOG to discuss a collaboration that could lead to a merger. If it goes ahead, the combined bank will have approximately 2.93 billion rials in assets.

It also comes nearly two years after Bank Dhofar called off merger discussions with Bank Sohar SAOG.

Elsewhere in the Gulf region, other bank M&A deals are also underway. In May, Saudi British Bank reached an initial agreement with Alawwal Bank for a possible merger, while Kuwait Finance House KSCP and Bahrain's Ahli United Bank BSC are also engaged in merger talks. In Qatar, Barwa Bank QSC and International Bank of Qatar QSC are reportedly in advanced merger discussions after talks of a three-way tie-up with Masraf Al Rayan QPSC fell through.

SNL Image

SNL Image

See a section dedicated to financial highlights for your bank: Search for the company in the top search box and go to the "Financial Highlights" section, housed under the Templated Financials on the left-hand panel. Here is an example for Bank Dhofar.

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As of Aug. 20, US$1 was equivalent to 0.39 Omani rials.