The Sultanate’s Apex Bank, Central Bank of Oman, approved the initiation of due diligence for the proposed merger between Sohar International and Bank Nizwa yesterday [January 18, 2022].

Sohar International, one of the fastest-growing banks in Oman, had initially issued the merger proposal on November 23, 2021. Bank Nizwa subsequently accepted the proposal for the potential merger on November 25, 2021.

Both banks had duly stated that their respective boards would keep the market updated with any progress on the matter, which too would be subject to necessary boards, shareholders and regulatory approvals, and the applicable laws of the Sultanate.

As per a statement issued by Sohar International, OERLive learns that the bank will now move ahead with the due diligence process with respect to the merger proposal.

Bank Nizwa will initiate the due diligence process to assess the feasibility of the proposed merger.

Sohar International was quoted by the Muscat Securities Exchange as saying: “The Board of Directors of Sohar International is pleased to announce that it received approval from the Central Bank of Oman for its application to go ahead with due diligence process with respect to the proposed merger, on 18 January 2022.”