Oman – Mubasher: Bank Nizwa has announced withdrawing its proposal to merge with United Finance Company (UFC), according to a filing to the Muscat Securities Market (MSM) on Monday.
Bank Nizwa said that the purpose of the merger was “to benefit both entities to work ultimately as a single but a larger combined institution.” Keeping the bank’s interest in mind, the bank has decided to withdraw from the merger, which it previously made on 11 February.
The bank’s previously reported unaudited financials for the fiscal year 2014 showed a 37% profit drop to OMR 7.7 million, from OMR 12.305 million in 2013.
