Bank Nizwa announced, in a bourse filing to the Muscat Securities Market (MSM), on Wednesday that it has communicated to United Finance Company (UFC) via letter its interest “to explore the possibility of a strategic merger between the two entities”.
This proposal is subject to agreement by both parties to the terms of the arrangement and obtaining the necessary approvals from the respective Shareholders and Regulators, the Bank said, adding that it will update the MSM with any developments that may arise in this matter.
UFC has confirmed receiving such a communication, also in a statement to the MSM today.
Worth noting, Bank Nizwa had reported a loss during the first nine months of 2014, reaching OMR 6 million, a 49% decline compared to the same period in 2013.
