Oman’s Bank Dhofar has ended merger negotiations with smaller rival Bank Sohar after the two sides were unable to reach agreement on certain issues related to the tie-up, it said in a bourse filing on Sunday.
“The board of Bank Dhofar has decided, after much deliberation, that it is in the best interests of shareholders to discontinue the negotiations on the proposed merger with Bank Sohar,” the statement said, without elaborating.
Oman’s second-largest lender by assets and Bank Sohar have been exploring a possible merger for more than three years. In June, Bank Sohar said the duo had agreed on the share-swap ratio for the merger, following the completion of financial and legal due diligence in April.
* Reuters
business@thenational.ae
Follow The National's Business section on Twitter