The board of directors of Oman’s Alizz Islamic Bank has approved a merger with Oman Arab Bank.
Alizz said in a statement on Thursday (Jan 16) its board approved the offer of a swap ratio that will give OAB 81% control of the merged entity.
The actual swap ratio will be based on the net assets value according to audited financial statements for 2019.
The deal is subject to regulatory approval.
Alizz received Oman Arab Bank’s offer to merge in October last year amid a flurry of M&A activity in the Gulf’s banking sector. If the Alizz-OAB merger goes through, it will follow Dubai Islamic Bank’s shareholders approval in December of the takeover of Noor Bank.
Earlier M&As include National Bank of Abu Dhabi and First Gulf Bank merging in 2017 to form First Abu Dhabi Bank, followed by the merger of Abu Dhabi Commercial Bank, Union National Bank and the Shariah-compliant Al Hilal Bank in May to form the new ADCB Group.
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