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NBO planning to buy United Finance

National Bank of Oman is planning to buy domestic lender United Finance Co, which had earlier a target of merger with Bank Nizwa. National Bank of Oman has a market capitalization of $1.08 billion, making it the country’s third largest bank by that classification. United Finance is much smaller with a market capitalization of $99.3 million. Bank Nizwa’s market capitalization is $303 million. United Finance, which offers loans and leasing services as well as corporate deposits, said the latest proposal will be discussed by its board. In February, the bank had said it had agreed in principle to merge with Bank Nizwa and planned to consider the proposal when its board next met. The last banking merger to be completed in Oman was in 2012, between the local business of HSBC Holdings and Oman International Bank.

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