Muscat: Ahli Bank’s disclosure on Muscat Stock Exchange stated that the Bank’s Board of Directors will study the revised non-binding offer from Bank Dhofar and that any material developments in this regard will be announced in due course.

The revised non-binding merger proposal from Bank Dhofar comes after the initial submission of a non-binding merger offer to Ahli Bank SAOG (ABO) on April 10, 2023, and the latest disclosure from Oman International Development and Investment Co. SAOG (Ominvest), dated May 15, outlining its intention to make an offer for the entire issued share capital of ABO as part of a consortium including Arab Bank plc and other investors (the Consortium).

Bank Dhofar’s revised non-binding merger proposal with ABO reads as follows: “We believe that a combination of Bank Dhofar and ABO is a compelling opportunity for ABO shareholders to create a leading domestically-focused Omani bank with a robust competitive position, well placed to serve the entirety of the market with leading market positions across a number of customer segments.”

It also stated Bank Dhofar’s aim of combining both banks’ complementary activities and expertise across retail, corporate and Islamic banking for mutual benefit and the benefit of customers, while providing career development opportunities for both banks’ employees and value-addition for both sets of shareholders.

Noting that Ominvest and ‘the consortium’ had announced their intention to make an offer for the entire issued share capital of ABO, Bank Dhofar’s disclosure said, “Our commitment to proceed with our revised offer remains unchanged and we look forward to further engagement with the ABO board.

“Any transaction, should it proceed, is subject to obtaining approvals from the relevant regulators and respective boards of directors and shareholders of Bank Dhofar and ABO.
“Further announcement will be made if and when appropriate.”