Sohar International, one of the leading banks in the Sultanate, has published a new update to its disclosure regarding its merger proposal with HSBC Oman.

In an online announcement to Muscat Stock Exchange (MSX), the bank revealed the Central Bank of Oman’s approval of the proposed merger. HSBC Oman also published a concurrent statement to MSX.

The disclosure reads: “Further to the disclosures made on 16th June 2022, on 26th July 2022, and on 16th November 2022, Sohar International Bank SAOG would like to announce that it has received approval from the Central Bank of Oman for its proposed merger with HSBC Bank Oman SAOG.

“The merger, which is still subject to approval from other relevant regulatory bodies as well as from the respective shareholders of the two entities at their Extraordinary General Meetings, is expected to complete in the second half of 2023.”

More details are awaited soon.