EFH Hermes has said that the incorporation between Bank Dhofar and NBO will create the second largest lender in the Sultanate.
The merger of Bank Dhofar and National Bank of Oman will form a lender that will account for 25 per cent of the aggregate banking assets and the Oman’s loans market, reported local daily, The National.
In a report, EFH Hermes said that the merged bank, with a combined asset of $20 billion (AED 74 billion), will be the second-largest financial institution in Oman after Bank Muscat.
In July, Bank Dhofar and NBO said that their boards agreed to discuss a potential merger and a deal will be subject to obtaining final approval from respective boards, shareholders as well as stakeholders and regulators.
Bank Muscat currently accounts for 36 per cent each of the banking assets and loans market in the country.