Oman Arab Bank gets regulatory nod for Alizz bank merger – The National

Oman Arab Bank gets regulatory nod for Alizz bank merger – The National

Oman Arab Bank gets regulatory nod for Alizz bank merger. The Central Bank of Oman has approved the creation of an entity with assets of 3.18bn rials. Oman Arab Bank is set to proceed with its merger with Alizz Islamic Bank after securing regulatory approval for the deal from the Central Bank of Oman.. Oman Arab Bank, a subsidiary of Oman International Development and Investment Company, Ominvest, agreed a share swap deal with Alizz bank directors in January.. The deal will give OAB a stake of about 81 per cent in the merged entity.. The group declared a profit of 32m rials to shareholders for the year.. OAB had assets of 2.5 billion 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 of more than Dh275bn.. Ratings agency Moody's said last month it expects the amount of Islamic banking assets to grow in 2020, driven by mergers between Islamic and conventional banks..