Oman Arab Bank finalises agreement to acquire Alizz Bank – The National

Oman Arab Bank finalises agreement to acquire Alizz Bank – The National

Oman Arab Bank finalises agreement to acquire Alizz Bank. The two Muscat-based lenders are set to proceed with a deal to create an institution with a combined asset base of over 3.2bn rials. Oman Arab Bank (OAB) will acquire the entire issued share capital of the Muscat-based Alizz Bank in a deal that will create a lender with more than 3.2bn rials (Dh30.6bn) in assets.. The assets and liabilities of OAB's own Islamic brand, Al Yusr, will be transferred to Alizz as part of the merger process, the bank said.. "OAB will continue to operate its conventional banking business and AIB, by then a wholly-owned subsidiary of OAB, will operate its Islamic banking business," Alizz bank said.. Alizz Islamic Bank grew total assets by 5.3 per cent to 718.8 million Omani rials (Dh6.86bn) in the year to December 31, 2019, but declared a loss of almost 10 million rials for the period.. OAB had assets of 2.5bn rials as of December 31, 2019.. The merger is the latest in a series of recent deals involving Islamic lenders in the Gulf, with Dubai Islamic Bank completing its acquisition of smaller rival Noor Bank earlier this year, creating an entity with assets