2 Oman banks agree to merge
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.