Oman-based Sohar International Bank (SAOG)’s Board of Directors agreed to submit a note to the Board of Directors of HSBC Bank Oman (HBMO), both of which are listed on the Muscat Stock Exchange, with the intention of merging the two banks.
According to the statement, the deal is subject to final approvals from the respective boards, shareholders, and regulators.
SAOG would offer HBMO shareholders cash and shares, it added.
In another stock exchange statement, SAOG stated that its previous proposal to merge with Bank Nizwa is still ongoing and that it intends to proceed with it.
In 2021, SAOG registered an increase in its annual profits by 41.63 percent to reach 28.34 million Omani riyals, compared to profits of 20.01 million riyals in 2020.