Bank Merger Talks Called Off

MUSCAT, 6 March 2005 — The merger talks between BankMuscat (SAOG) and National Bank of Oman (NBO) have been formally called off following NBO expressing its reluctance to continue with the merger process, SAOG Chairman Sheikh AbdulMalik ibn Abdullah Al-Khalili confirmed in a statement here yesterday.

The boards of SAOG, the largest bank in Oman, and NBO, the oldest local bank in the sultanate had unanimously approved a merger proposal on Sept. 23 last year.