OmanInternational Development & Investment Co. SAOG, known asOminvest, said March 31 that, together with strategic partners Oman InvestmentFund and Arab Bank Switzerland Ltd., it entered into a memorandum of understandingwith Oman Arab BankSAOC to acquire the latter's investment banking business, OABINVEST.

The deal is subject to satisfactory due diligence andregulatory approval.

Oman Arab Bank is a unit of Oman International Developmentand Investment Co.