Two Omani banks announce agreement to merge | ZAWYA MENA Edition

Two Omani banks announce agreement to merge | ZAWYA MENA Edition:

Two of Oman's banks are likely to merge in the coming months, following an agreement being signed between the two financial bodies.

Alizz Islamic Bank and Oman Arab Bank are set to merge, after obtaining permission from the regulatory bodies, and a Memorandum of Understanding on the same has now been issued.

A statement released by Alizz Islamic Bank on the Muscat Securities Market website in this context said: “Further to the disclosure published on the Muscat Securities Market website on 24th of May 2018, Alizz Islamic Bank S.A.O.G. has signed a Memorandum of Understanding (MOU) on Thursday 4th October 2018 with Oman Arab Bank S.A.O.C. for the potential merger between the two entities after obtaining the in-principal approval from the regulatory bodies.