Muscat: Bank Nizwa has confirmed the merger proposal from Sohar International and said it is open to exploring opportunities.

In a statement issued by Bank Nizwa, CEO Khalid Al Kayed said: “The Board of Directors at Bank Nizwa welcomes the intent and is open to exploring opportunities of a merger between the two banks. Shareholders will be kept informed of all updates in this regard. The Bank shall comply with applicable rules and regulations of the Sultanate of Oman in this direction.”

On Tuesday, in a disclosure to Muscat Stock Exchange, Ahmed Al Musalmi, Chief Executive Officer of Sohar International said the bank has submitted a letter of intent for the merger with Bank Nizwa.

“The board of directors of Sohar International Bank would like to announce that on Tuesday it has sent a letter of intent to the board of Bank Nizwa proposing a merger of the two banks,” Al Musalmi said.

“The board will keep the market updated with any progress on this matter, which will be subject to necessary boards, shareholders and regulatory approvals and the applicable laws of the sultanate,” he added.