Alizz Islamic Bank to Become a Fully-Owned Subsidiary of Oman Arab Bank

Alizz Islamic Bank (AIB) is set to become a wholly-owned Islamic banking subsidiary of Oman Arab Bank (OAB), through the sale of its entire issued share capital to OAB, creating a lender with assets worth over OMR 3.2 billion. These details were provided in a statement made by AIB to the Muscat Securities Market on the 16th of June 2020.

Once the acquisition is complete, AIB will be converted into a closed joint-stock company and the assets and liabilities of Al Yusr, OAB’s own Islamic brand, will be transferred to AIB as part of the merger process. OAB, which is currently an unlisted subsidiary of Oman International Development and Investment Company (Ominvest), will be converted into a publicly listed company....