Bank Muscat and Commercial Bank of Oman signed an agreement to complete the merger of the two financial institutes to create a 1.3 billion rial ($3.38 billion) bank, the banks announced Wednesday.
Oman's Al-Watan newspaper said the merger was the biggest in Oman's history. The new bank will be known as Bank Muscat and is due to start operations in the end of December, officials said. The bank will have 100 branches and more than 120 automatic teller machines.
An agreement was signed after the shareholders of the two banks approved the merger. According to local laws, the merger will become effective after a 90-day statutory period.–(Albawaba-MEBG)
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