Oman Arab Bank SAOC (OAB) and Alizz Islamic Bank SAOG (MSM:BKIZ) have announced a plan to merge. The firms have been involved in talks for the past two years. The move will see the establishment of a major
banking entity that is expected to deliver conventional and Islamic banking services. Oman Arab Bank has agreed to submit an offer that will aim to make Alizz Islamic Bank a wholly-owned Islamic banking subsidiary. Alizz Islamic Bank is to be converted into a closed joint-stock company (SAOC). After the move is completed, Al Yusr, Oman Arab Bank's Islamic Banking window, will be integrated with Alizz Islamic Bank SAOC. Shares in OAB will then be listed at the Muscat Securities Market (MSM), converting it into a public joint-stock company.