In an announcement, Bank Dhofar's CEO Anthony Mahoney had resigned from the bank. This comes at the time that the Omani financial institution is in the midst of merging with fellow Omani lender Bank Sohar.
For the interim, Bank Dhofar had appointed Abdul Omar Al Ojaili as its CEO according to a statement submitted with the bourse. The effectivity of Mahoney's resignation was September 26.
Back in July, Bank Dhofar reported it had approached Bank Sohar with the intent to merge with the latter bank. This would create the second largest bank in the country, with total assets worth OMR4.1 billion or USD10.7 billion and a market capitalization of around USD1.8 billion.
The last bank merger in Oman was HSBC Holdings merging its asse4ts with the Oman International Bank last June 2012. The resulting entity was the HSBC Bank Oman, which is the third largest bank in terms of market value in the Sultanate of Oman.
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