Oman Arab Bank’s gets nod from Alizz board to proceed with merger – The National

Oman Arab Bank’s gets nod from Alizz board to proceed with merger – The National

Oman Arab Bank's gets nod from Alizz board to proceed with merger. The board of Al Izz Islamic Bank, a Muscat listed Sharia-compliant lender, approved a share swap ratio for its merger with the Oman Arab Bank, paving the way for the latest banking merger deal in the Gulf.. The board recommended the swap ratio that gives OAB about 81 per cent control of the merged entity to its shareholders, the lender said in a bourse filing to the Muscat Securities Market.. The transaction remains subject to shareholder and regulatory approvals.. If the two banks decide to go ahead with the merger, the combined entity will be the third-largest Islamic banking services provider in Oman, with a total asset base “Žof 3.18 billion Omani rials (Dh30.5bn) and an Islamic asset base of 866 million rials.. The proposed deal would be credit-positive for OAB and provide it with a larger Islamic franchise and asset base, "allowing it to improve its interest income and deposit-gathering ability", Moody Investors Service said in an October 2018 report.. It would also help the bank capitalise on the fast-growing Islamic banking segment in Oman, it added.. Dubai Islamic Bank's takeover of its smaller rival, Noor Bank,