Potential Merger of Two Major Banks in Oman
Sohar International Bank announced on Monday, April 7, 2025, that it has begun reviewing a potential merger with Al Ahli Bank, a deal that, if completed, would create an entity with total assets of approximately OMR 11.1 billion (USD 28.84 billion).
In an official statement, Sohar International confirmed that its Board of Directors has decided to send a Letter of Intent to Al Ahli Bank’s Board to explore the possibility of merging the two institutions.
Bank Mergers: A Regional Strategy to Strengthen Competitiveness
The proposed deal aligns with the growing trend of bank consolidations across the GCC, where financial institutions are aiming to expand their scale, reduce costs, and enhance their competitiveness in an increasingly challenging market.
Previous Merger Activity in Oman’s Banking Sector
Sohar International Bank completed a merger with HSBC Oman last year. Meanwhile, Al Ahli Bank had previously expressed interest in a possible merger with Bank Dhofar in 2023.
Billion-Rial Assets: A Look at the Financial Strength of Two Banking Giants
As of December 31, 2024, Sohar International’s assets stood at OMR 7.36 billion (USD 19.12 billion), while Al Ahli Bank’s assets exceeded OMR 3.7 billion.
Source:
This article was published by Al Roya newspaper:
Possible merger between two major banks in Oman – Al Roya
