Oman banks propose merger
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.