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Oman: Bank Dhofar propels consolidation with moneymaking merger

By  |  July 16, 2013

Dhofar announced possible plans to merge with smaller rival Bank Sohar as it aspires to become Oman’s second-largest lender with assets of about $10 billion. The deal would follow the market’s consolidation after Europe’s largest bank HSBC Holdings merged its Omani businesses with Oman International Bank in 2012. While the nation is the Gulf Cooperation Council’s second-smallest economy, federal officials plan to boost demand for commercial banking and financial services by 15 percent with a revised spending plan.

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