Ahlibank Accepts Proposed Merger Plan from Sohar International

Ahlibank's board of directors has accepted a merger proposal from Sohar International Bank. Announced on Monday, the intent to merge was formalized with the submission of a letter to Ahlibank's board. After reviewing the strategic benefits, Ahlibank has resolved to proceed with the terms, which involve the transfer of all assets and liabilities to Sohar International. In return, Ahlibank shareholders will receive shares in Sohar International based on a share swap ratio. This proposed merger aims to form a larger, diversified financial institution. An exclusivity period has been agreed upon to facilitate due diligence and negotiations, ensuring neither bank will entertain other proposals without mutual consent. As of 2024, the combined assets of the two institutions are expected to exceed RO11bn. The merger is subject to due diligence and necessary approvals. Both banks have committed to updating stakeholders as developments occur.