Muscat – Sohar International Bank and Bank Nizwa have decided to halt their discussions on the proposed merger between two banks.
The boards of directors of both banks have opted to discontinue merger talks ‘for the time being’, according to disclosures filed with the Muscat Stock Exchange.
The merger talks between Sohar International Bank and Bank Nizwa were first initiated in November 2021.
‘The board of directors of Sohar International decided to discontinue discussions of the proposed merger with the board of Bank Nizwa for the time being,’ Sohar International said in its disclosure to the Muscat Stock Exchange.
In a separate disclosure to the local bourse, Bank Nizwa also confirmed that its board of directors has decided to discontinue discussions of the proposed merger with the board of Sohar International for the time being.
Both banks emphasised their committent to keeping the market and shareholders informed of any significant developments in a timely manner, adhering to applicable regulations.
In January 2022, Sohar International Bank and Bank Nizwa had received the approvals from the Central Bank of Oman (CBO) to start the due diligence process with respect to the proposed merger between two entities.
In August this year, Sohar International Bank marked a historic moment in its journey by successfully completing the merger of HSBC Bank Oman with Sohar International.