Oman Arab Bank, Al­izz Is­lamic Bank may merge

Banking Frontiers - - Banking In The Gulf -

Oman Arab Bank and Al­izz Is­lamic Bank are ex­plor­ing a merger, the two banks said. Al­izz Is­lamic Bank, which has a mar­ket cap­i­tal­iza­tion of $200 mil­lion, said its board has agreed to pro­ceed and ex­plore this op­por­tu­nity with Oman Arab Bank. Omin­vest and Arab Bank Group are key share­hold­ers of un­listed Oman Arab Bank. Saudi Bri­tish Bank (SABB) and Alawwal Bank have re­cently agreed a merger to cre­ate Saudi Ara­bia’s third big­gest bank, in a $5 bil­lion deal that marks the first ma­jor bank­ing tie-up in the king­dom in two decades.

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