DUBAI, April 24 (Reuters) - Oman’s Bank Dhofar, in talks with Bank Sohar on a possible merger, said on Sunday that it communicated the terms for a deal to its smaller rival after completing due diligence.
Bank Dhofar, the sultanate’s second-largest lender by assets, said the financial and legal due diligence concluded on April 23, it said in a bourse statement.
The terms of the merger were not disclosed.
Bank Sohar, Oman’s fifth-largest lender, is considering the terms offered which may be subject to further discussion and negotiation, the statement said.
The merger would create the country’s second-largest bank with a market capitalisation of $1.81 billion and assets of $13.69 billion, Thomson Reuters data shows. (Reporting by Archana Narayanan; Editing by Tom Arnold)