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Oman’s Bank Sohar Says CEO Resigns, Names CFO As Acting Head

Oman’s Bank Sohar Says CEO Resigns, Names CFO As Acting Head

Rashad Ali al-Musafir, the bank’s chief financial officer, would replace Kalmoor as acting CEO for an interim period, the bank said in a bourse filing.

Oman’s Bank Sohar, which is in the process of merging with larger rival Bank Dhofar, said on Wednesday that Chief Executive Mohamed Abdulaziz Kalmoor had resigned for personal reasons.

Rashad Ali al-Musafir, the bank’s chief financial officer, would replace Kalmoor as acting CEO for an interim period, the bank said in a bourse filing.

Bank Sohar is considering a merger with Bank Dhofar that would create the sultanate’s second-largest lender by assets. In June, Bank Dhofar proposed a preliminary share swap ratio after first approaching Bank Sohar about a tie-up in July 2013.

Bank Dhofar has also changed CEO during the time that a merger has been considered, with Anthony Maloney resigning for personal reasons in September 2013.

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