2 Oman banks agree to merge

Banking Frontiers - - Banking In The Gulf -

There is a merger propo­si­tion in Oman. the coun­try’s two banks are likely to merge, fol­low­ing an agree­ment they are sign­ing. The two banks - Al­izz Is­lamic Bank and Oman Arab Bank - are seek­ing per­mis­sion from reg­u­la­tory au­thor­i­ties even as they have en­tered into a MoU for merger. A state­ment by Al­izz Is­lamic Bank on the Mus­cat Se­cu­ri­ties Mar­ket web­site, said the bank has signed a MoU with Oman Arab Bank for the po­ten­tial merger be­tween the two en­ti­ties af­ter ob­tain­ing the in-prin­ci­pal ap­proval from the reg­u­la­tory bod­ies. The MoU con­tains a broad frame­work of the merger. It has also been agreed that Al­izz Is­lamic Bank will con­tinue to op­er­ate as a ded­i­cated Is­lamic bank­ing fran­chise of the merged en­tity and will main­tain man­age­ment au­ton­omy en­sur­ing that there will be no neg­a­tive im­pact on ex­ist­ing cus­tomers or stake­hold­ers.

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