Sohar International Bank announced on 7 April 2025 that it had submitted a letter of intent to Ahli Bank Oman proposing a merger by incorporation. The combined institution would hold more than OMR 11 billion in assets, equivalent to about $29 billion.
Under the structure set out in the letter of intent, Sohar International would absorb all of Ahlibank's assets and liabilities, with Ahli Bank shareholders receiving Sohar International shares at a swap ratio based on both banks' audited book values as at 31 December 2024.
DEAL STRUCTURE AND APPROVAL REQUIREMENTS
The proposed merger is at an early stage and remains subject to the completion of due diligence, the negotiation and signing of a binding merger agreement, and the receipt of approvals from the boards and shareholders of both Sohar International and Ahlibank. Regulatory clearance from Oman's banking and financial authorities will also be required before the transaction could proceed to completion.
The letter of intent was approved by Sohar International's board on 7 April.
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