The long-awaited proposed merger between Oman Arab Bank (OAB) and Alizz Islamic Bank has been given the regulatory approval by the Central Bank of Oman (CBO), according to a disclosure submitted to the Muscat Securities Market by Ominvest on Tuesday. OAB is a subsidiary company of Ominvest.
‘We would like disclose that OAB has received regulatory approval on the proposed (merger) transaction from the CBO, and is in the process of obtaining further regulatory approvals from the Capital Market Authority (CMA) and other regulatory bodies,’ Ominvest said.
As per the proposed merger transaction, Alizz Islamic Bank will become a fully-owned Islamic banking subsidiary of OAB and converted into an SAOC company. The assets and liabilities of Al Yusr Islamic Window of OAB will be transferred to Alizz Islamic Bank SAOC and OAB will be converted into a SAOG or a listed company.