DUBAI - Oman's Sohar International Bank on Wednesday said it had received an approval from the central bank to go ahead with the due diligence process for a potential merger with Islamic lender Bank Nizwa.
Sohar Bank reported to the Omani bourse on Nov. 23 expressions of interest to combine with Bank Nizwa, subject to regulatory and shareholder approvals.
Bank mergers are slowly picking up in Oman. In 2020, Alizz Islamic Bank merged with Oman Arab Bank's Islamic banking arm. Oman International Bank in 2012 merged with HSBC Oman.
(Reporting by Hadeel Al Sayegh; Editing by Rashmi Aich) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))