National Bank of Oman has walked away from talks to buy United Finance after due diligence, it said on Tuesday.

"After careful consideration, NBO now wishes to confirm that it will not be pursuing this transaction further and would

like to express their regret," it said in a statement to the bourse. It did not elaborate.

In May, United Finance had invited NBO, Bank Nizwa and Al Omaniya Financial Services to participate in an acquisition

bidding process. A few days later, Bank Nizwa said it was withdrawing its merger proposal.

United Finance offers loans and leasing services as well as corporate deposits.-Reuters