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Merger to enhance financial capabilities of local banks.

Summary: Muscat: Abdul Hakeem bin Omar Al-Ojaili, acting CEO of Bank Dhofar, affirmed that the decision ...

Muscat: Abdul Hakeem bin Omar Al-Ojaili, acting CEO of Bank Dhofar, affirmed that the decision of the Bank's Board to start a dialogue with Bank Sohar to consider the possibility of a merger between the two banks is a first step that aims at encouraging both parties to evaluate the idea without discussing any details for the moment. In a statement to ONA, he pointed out that the disclosure by Bank Dhofar stemmed from the transparency principle adopted by the management and falls in compliance with the disclosure rules of the MSM. He further said that the bank had produced nothing beyond the general information and financial statements published on the MSM website. He affirmed that the merger, if it occurred, would enhance the capacity of both banks. Add confidence Ahmed bin Said Kashoob, chief executive officer of the Global Investment Trust Company, said the merger or acquisition between commercial banks would result in financial entities that could finance major economic projects in the Sultanate. It would also add confidence to the local capital market, especially since both Bank Sohar and Bank Dhofar have shown profits since last year. He added that the merger would enhance the role played by Omani banking entities and would increase their strength for the benefit of the national economy. It would also contribute towards promoting the international credit rating of Omani banks, especially as more Omani banks start to merge, creating new entities with better credit ratings. This would enhance the confidence of foreign investors and international banking institutions in the Omani market.

Muscat Press and Publishing House SAOC 2013

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Publication:Times of Oman (Muscat, Oman)
Date:Jul 21, 2013
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