Bank Dhofar is transformed into Oman’s 4th largest bank
Bank Dhofar al-Omani al-Fransi has been transformed into Oman’s fourth largest bank, with the transfer to its control of 16 branches of the Commercial Bank of Oman (ComBank), giving it a total of 43 branch offices and 56 ATMs, reported the Oman Daily Observer.
Bank Dhofar Chairman Abdul Hafidh Salim Rajab al Aujaili signed the RO 3.5 million agreement for the transfer of the ComBank assets with the latter’s chairman, Shaikh Abdulmalik bin Abdullah al Khalili. Arthur Andersen & Co will manage the sale .
Explaining the merger, Al Aujaili said that it provided Bank Dhofar an apportunity to expand, without having to set up new branches from scratch.
It made good business sense to Bank Dhofar to purchase these branches, he said, nine of which are located in the governorate of Muscat.
This meant that Bank Dhofar will not have to undergo the long-winded process of setting up new branches, which includes licensing, setting up physically and recruiting and training new staff.
The transferring the ComBank’s customers to Bank Dhofar's computer system will take about two months. – (Albawaba-MEBG)
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