Arab Bank Group (ASE:ARBK) agreed to acquire additional 11.76% minority stake in Oman Arab Bank SAOC from Oman International Development and Investment Company SAOG (MSM:OMVS) for OMR 46 million on June 16, 2020. Post transaction, Arab Bank Group will hold 60.76% stake and Oman International Development and Investment Company SAOG will hold 31.64% stake in Oman Arab Bank SAOC. Transaction has been approved by Board of Oman International Development and Investment Company SAOG. Transaction is subject to proposed acquisition of Alliz Islamic Bank by Oman Arab Bank SAOC and related execution of combination agreement.

Arab Bank Group (ASE:ARBK) completed the acquisition of additional 11.76% minority stake in Oman Arab Bank SAOC from Oman International Development and Investment Company SAOG (MSM:OMVS) on June 30, 2020.