Oman- BankDhofar Bank Sohar appoint consultants for proposed merger

11/1/2015 6:15:57 AM

(MENAFN- Muscat Daily) Muscat-

BankDhofar and Bank Sohar have appointed consultants for legal and financial due diligence as agreed in the non-binding memorandum of understanding (MoU) signed between two banks earlier this year.

'This is further to BankDhofar's disclosure of July 1 2015 relating to the proposed merger with Bank Sohar we would like to update the market that BankDhofar has appointed consultants for the legal and financial due diligence process. This is in accordance with the non-binding MoU signed between BankDhofar and Bank Sohar earlier this year' BankDhofar said in a filing with the MSM on Thursday.

In a separate filing Bank Sohar said 'Bank Sohar announces that it has appointed legal and financial consultants to proceed with the due diligence process as agreed with BankDhofar vide the MoU signed between both banks earlier this year.'

'We shall keep the shareholders and the market updated of further developments in this regard through appropriate disclosures as per the disclosure requirements' both the banks added.

BankDhofar first expressed interest in the merger in July 2013.

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