Muscat: Sohar International has submitted a merger proposal to Bank Nizwa on Tuesday.

In a disclosure to Muscat Stock Exchange, Ahmed Al Musalmi, Chief Executive Officer of Sohar International said the bank will keep the market updated with any progress on this matter.

“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.