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Oman Arab Bank proposes merger with Alizz Islamic Bank

Oman International Development & Investment Co. SAOG unit Oman Arab Bank SAOC has proposed to merge with Alizz Islamic Bank SAOG.

The lender offered to carry out the merger through a share swap at a ratio of 81% to 19% for shareholders of Oman Arab Bank and Alizz Islamic Bank, respectively, based on the audited year-end 2019 net book values of both banks. Price adjustments will be made to reflect changes in the banks' financials between Dec. 31 and the actual transaction date.

Following the proposed merger, Oman Arab Bank will become a listed holding company while Alizz Islamic Bank will become a closed joint stock company and a fully owned Islamic banking unit of the former.

The proposal is subject to approvals from shareholders and the board of Oman Arab Bank and Alizz Islamic Bank, as well as all other relevant regulators and authorities, including Oman's central bank and Capital Market Authority. Alizz Islamic Bank said its board will review the offer and will make a decision in due course.

In October 2018, the two banks signed a memorandum of understanding for a potential deal after obtaining in-principle approval from regulators.