RIYADH: Oman-based Sohar International Bank and Bank Nizwa are considering a merger, according to Al-Arabiya.
Bank Nizwa’s board welcomed the proposal from Sohar International on Nov. 25 to study the idea of merging the two banks, it was reported.
Bank Nizwa recorded profit growth of 14 percent in the third quarter to 3 million Omani riyals ($7.7 million).
Profit growth of Bank Nizwa increased by 6 percent in the first nine months of 2021 to 9 million riyals.
Bank Nizwa is Oman’s first dedicated Islamic bank, launching in January 2013, with fully Shariah-compliant products and services.
