(MEBG) – Commercial Bank of Oman and Bank Muscat International have reportedly agreed on the terms of their proposed merger, said a senior banking official.
According to a report in Gulf Times, CBO shareholders would receive 28 Bank Muscat shares for 70 of their current CBO shares, and the remaining 30 shares will be replaced by 30 subordinated loan notes (redeemable bonds) whose face value is 2.38 rials ($6.18) each.
Bank Muscat shareholders would retain their shares.
Alain Tave, a Bank Muscat director, said that the boards of the two banks are expected to meet in early September give final approval for the merger, which is then scheduled to take place by the end of the year.
