Oman’s Sohar International Bank Sends Letter of Intent to Bank Nizwa Initiating Discussions on Merger

In a statement issued to the Muscat Stock Exchange, Ahmed al Musalmi, Chief Executive Officer of Sohar International Bank, stated that the Bank has sent a letter of intent to the Board of Directors of Oman-based Bank Nizwa initiating discussions on a merger between the two entities.

Why it Matters?

Mergers within Oman’s banking sector are not common. Bank Nizwa reported total assets valued at OMR 1.4 billion (USD 3.6 billion) as at end September 2021, up 22% year-on-year (YoY), while the Bank’s gross financing portfolio had a YoY growth of 19% over the same period. Total customer deposits stood at OMR 1.1 billion (USD 2.9 billion) at 30 September 2021, having grown 18% YoY.

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