Oman Arab Bank Completes Takeover of Alizz Bank

Media reports indicate that Oman Arab Bank (OAB) has completed its Takeover of Alizz Bank (AIZ), creating a lender with over USD 8.4 billion in assets.

AIZ 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 AIZ as part of the merger process. OAB, is currently an unlisted subsidiary of Oman International Development and Investment Company (Ominvest), and will be converted into a publicly listed company.

According to AIZ, OAB will continue to operate its conventional banking operations, whilst AIB will operate the Islamic banking business, creating a first-of-its-kind operator within the...