Oman Arab Bank SAOC reached out to Alizz Islamic Bank SAOG on May 22 to discuss a strategic collaboration that could lead to a merger of the two banks.
Alizz Islamic Bank's board agreed to explore the possible collaboration with Oman Arab Bank. It would be subject to both banks agreeing on the terms of transaction and subsequent approvals from their boards, shareholders and regulators.
Oman Arab Bank is a subsidiary of Oman International Development & Investment Co. SAOG.
