Oman banks pro­pose merger

Banking Frontiers - - Banking In The Gulf -

Oman Arab Bank said has pro­posed a merger with Al­izz Is­lamic Bank. If the merger hap­pens, it will cre­ate an en­tity with as­sets of about $7 bil­lion. The bank said it has ap­proached Al­izz Is­lamic Bank to ex­plore the pos­si­bil­ity of a strate­gic col­lab­o­ra­tion that may lead to a merger. The merger, when com­pleted, would be the first since HSBC in 2012 com­bined its oper­a­tions in Oman with Oman In­ter­na­tional Bank. Oman Arab Bank, owned 51% by Oman In­ter­na­tional De­vel­op­ment & In­vest­ment Co and 49% by Jor­dan’s Arab Bank, had as­sets of 2.14 bil­lion ri­als ($5.6 bil­lion) at the end of last year. Al­izz Is­lamic Bank had as­sets of 663 mil­lion ri­als at the end of March.

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