Sunday 07, October 2018 by Kudakwashe

Regulators approve Alizz Islamic Bank, OAB merger

 

Alizz Islamic Bank and Oman Arab Bank (OAB) have signed a MoU which contains a broad framework of the merger.

Alizz Islamic Bank has signed a MoU with OAB for the potential merger between the two entities after obtaining the in-principal approval from the regulatory bodies.

In a bourse filing, Alizz Islamic Bank stated that it will continue to operate as a dedicated Islamic banking franchise of the merged entity and will maintain management autonomy to ensure that they will be no negative impact on existing customers and stakeholders.

The two lenders have appointed legal and financial advisors to conduct due diligence, paving way for the proposed merger.

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