Sohar Bank in Oman Plans to Explore Merger with Ahli Bank, Could Create a $29 Billion Company
Sohar International Bank in Oman said on Monday that it plans to look into possibly merging with Ahli Bank SAOG. If the two banks join together, the new bank could have total assets of about $28.8 billion (11.1 billion Omani rials).
Possible Merger Between Sohar International and Ahli Bank
Sohar International’s board has agreed to send a letter to Ahli Bank to start talks about a possible merger between the two banks.
The letter explains that the merger would involve Sohar International taking over all of Ahli Bank’s assets and debts. In exchange, Ahli Bank’s shareholders would get shares in Sohar International. The number of shares they get would depend on the financial value of each bank based on their audited reports for the year ending December 31, 2024.
Why the Merger Could Be Good
Sohar International thinks that joining with Ahli Bank would create a stronger, more competitive bank. The merger would offer more products and services to customers, help the banks save costs, and create chances for more income and growth. It would also make the new bank more visible in the market and improve its financial strength.
Sohar International’s board said it believes this is a great chance to build a bigger, more competitive bank by combining the strengths of both banks.
The new bank would aim to serve customers in Oman and abroad more effectively.
2024 Performance
In 2024, Sohar International’s profit rose by 42% to $260.3 million, a record high. Its total income also grew by 50% to $636.2 million, thanks to higher interest and other income, as well as the full-year impact of its earlier merger with HSBC Bank Oman.
Published: 8th April 2025
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