diff --git a/crates/io/tests/psd16_merged_transparency.rs b/crates/io/tests/psd16_merged_transparency.rs
new file mode 100644
index 0000000000..3f04970626
Binary files /dev/null and b/crates/io/tests/psd16_merged_transparency.rs differ
diff --git a/crates/io/tests/psd32_export.rs b/crates/io/tests/psd32_export.rs
index 9ff2b4113b..b4707fadb0 100644
--- a/crates/io/tests/psd32_export.rs
+++ b/crates/io/tests/psd32_export.rs
@@ -226,11 +226,11 @@ fn mt32_marks_the_merged_transparency() {
     let plane = |v: [f32; 2]| v.into_iter().flat_map(f32::to_be_bytes).collect::<Vec<u8>>();
     file.image_data.data = [plane([0.0, 1.0]), plane([0.0, 1.0]), plane([0.0, 1.0]), plane([1.0, 0.0])].concat();
     let name: Vec<u8> = [0u8, 0, 0, 13].into_iter().chain("Transparency\0".encode_utf16().flat_map(u16::to_be_bytes)).collect();
-    file.resources.retain(|r| r.id != 1045);
-    file.resources.push(photocraft_psd::ImageResource::new(1045, name));
+    file.resources.retain(|r| !matches!(r.id, 1006 | 1045));
     assert!(!file.merged_has_alpha(), "a positive layer count alone");
     file.global_blocks.push(photocraft_psd::TaggedBlock::new(*b"Mt32", Vec::new()));
     assert!(file.merged_has_alpha());
+    file.resources.push(photocraft_psd::ImageResource::new(1045, name));
     let merged = merged_composite(&file).unwrap();
     assert_eq!(merged.iter().map(|p| p[3]).collect::<Vec<_>>(), vec![1.0, 0.0]);
     let opened = import("transparent.psd", &file.to_bytes().unwrap()).unwrap();
diff --git a/crates/psd/src/file.rs b/crates/psd/src/file.rs
index e14bc45aaf..fab262732b 100644
--- a/crates/psd/src/file.rs
+++ b/crates/psd/src/file.rs
@@ -354,7 +354,10 @@ impl PsdFile {
     /// `true` if the merged image carries a transparency channel: its first extra channel, when
     /// the layer count was stored negative or a "Saving Merged Transparency" global block (`Mtrn`,
     /// `Mt16`, `Mt32`) is present. Photoshop marks 32-bit documents with `Mt32` and a positive
-    /// layer count (psd-tools transparentbg.psd).
+    /// layer count (psd-tools transparentbg.psd). Photoshop also names the merged transparency
+    /// "Transparency" and lists it first among the alpha channel names, and some of its 16-bit
+    /// PSBs carry no other mark (#4654): when the layers sit in a global `Lr16`/`Lr32` block, that
+    /// name with one name per extra channel marks it too.
     pub fn merged_has_alpha(&self) -> bool {
         let Some(color) = self.header.color_mode.color_channels() else {
             return false;
@@ -364,11 +367,40 @@ impl PsdFile {
         }
         let marked = self.global_blocks.iter().any(|b| matches!(&b.key, b"Mtrn" | b"Mt16" | b"Mt32"));
         match &self.layer_info {
-            Some(li) => li.merged_alpha || marked,
+            Some(li) => {
+                let in_block = matches!(self.layer_info_placement, LayerInfoPlacement::GlobalBlock { .. });
+                li.merged_alpha || marked || (in_block && self.names_merged_transparency(self.header.channels - color))
+            }
             None => true,
         }
     }
 
+    /// `true` when the alpha channel names (resource 1045, else 1006) hold exactly `extra` names
+    /// and the first is "Transparency", Photoshop's name for the merged transparency.
+    fn names_merged_transparency(&self, extra: u16) -> bool {
+        const NAME: &str = "Transparency";
+        let mut names = Vec::new();
+        if let Some(r) = self.resource(1045) {
+            let mut at = 0usize;
+            while let Some(len) = r.data.get(at..at.saturating_add(4)).and_then(|b| b.try_into().ok()).map(u32::from_be_bytes) {
+                at = at.saturating_add(4);
+                let end = (len as usize).checked_mul(2).and_then(|n| at.checked_add(n));
+                let Some(units) = end.and_then(|end| r.data.get(at..end)) else { break };
+                let units: Vec<u16> = units.as_chunks::<2>().0.iter().map(|c| u16::from_be_bytes(*c)).collect();
+                names.push(String::from_utf16_lossy(&units).trim_end_matches('\0').to_string());
+                at = at.saturating_add(units.len() * 2);
+            }
+        } else if let Some(r) = self.resource(1006) {
+            let mut at = 0usize;
+            while let Some(&len) = r.data.get(at) {
+                let Some(name) = r.data.get(at + 1..at + 1 + usize::from(len)) else { break };
+                names.push(String::from_utf8_lossy(name).into_owned());
+                at += 1 + usize::from(len);
+            }
+        }
+        names.len() == usize::from(extra) && names.first().is_some_and(|n| n == NAME)
+    }
+
     /// Checks structural invariants that the writer relies on.
     pub fn validate(&self) -> Result<()> {
         self.header.validate()?;