Oman’s second-biggest lender by market value, Bank Dhofar, has revised its non-binding merger offer for Ahli Bank a day after Oman International Development and Investment Company announced its intention to bid for the lender.
“The board of directors of the bank will study the received non-binding offer [from Bank Dhofar] and any material developments in this regard will be announced in due course,” Ahli Bank said in a statement on Wednesday to the Muscat Securities Market, where its shares are traded.
Last month, Ahli Bank received a merger offer from Bank Dhofar, which manages more than 4.4 billion Omani rials ($11.43 billion) in total assets.
However, Ahli Bank’s board of directors rejected the offer that would have created an entity with nearly $19 billion in assets.
Bank Dhofar reported strong results last year with its net profit climbing 36 per cent to 34.1 million rials on the back of higher income from net interest and Islamic financing.
Set up in 2007, Ahli Bank is partly owned by Bahrain's Ahli Bank and operates 23 branches in Oman. It offers retail, commercial and investment banking solutions.
The bank's 2022 net profit jumped nearly 20 per cent to 33 million rials on the back of lower impairment losses and higher net interest income.
It had total assets worth 3 billion rials at the end of last year.
On Tuesday, Muscat-based Omnivest submitted a letter of intent to acquire Ahli Bank’s entire issued capital and subsequently merge the bank with Oman Arab Bank.
“The board of directors of the bank are considering the letter of intent and will make the relevant disclosures in due course in accordance with the applicable laws and regulations,” Ahli Bank said in a statement.
Omnivest, whose total assets stood at $3.4 billion as of the end of 2022, reported an almost 70 per cent annual increase in its revenue to 336.8 million rials last year while net profit attributable to shareholders surged by 85.2 per cent to 50 million rials.
Oman's banking sector has seen more consolidation in recent months.
This year, HSBC Bank Oman received approval from the Central Bank of Oman for its proposed merger with Sohar International Bank, which is expected to close in the second half of 2023.
As part of the deal, first announced in November last year, all the assets and liabilities of HSBC Oman will be transferred to Sohar International.
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PROFILE OF CURE.FIT
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The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
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Started: Established in 2020
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Sector: PropTech
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Funding stage: Seed funding, in talks with angel investors
Global state-owned investor ranking by size
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LILO & STITCH
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Director: Dean Fleischer Camp
Rating: 4.5/5
Killing of Qassem Suleimani
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2018 ICC World Twenty20 Asian Western Regional Qualifier
Saturday results
Qatar beat Kuwait by 26 runs
Bahrain beat Maldives by six wickets
UAE beat Saudi Arabia by seven wickets
Monday fixtures
Maldives v Qatar
Saudi Arabia v Kuwait
Bahrain v UAE
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Brief scores:
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Mane 24', Shaqiri 73', 80'
Manchester United 1
Lingard 33'
Man of the Match: Fabinho (Liverpool)
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
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