On Tuesday, Omnivest – as the organization is known – submitted an offer to acquire Ahlibank’s entire issued capital for a price of 185 baizas per share, valuing the bank at about 360.7 million rials. Omnivest then plans to merge Ahlibank with Oman Arab Bank.

Bank Dhofar has attempted to merge with local competitors in the past as well. It considered a combination with National Bank of Oman, but the lenders abandoned the deal in 2019. They also were in talks with Sohar International for a potential merger which collapsed in 2016 after three years of deliberations.