(MENAFN) Oman Arab Bank (OAB) inked a memorandum of understanding with Alizz Islamic Bank on the resumption of talks regarding a planned merger.
The two banks were unveiled to have been granted initial approvals from the Capital Market Authority (CMA) and the Central Bank of Oman (CBO).
Under the agreement, an extensive framework is to be established for the process of the merger.
"Since the announcement of the planned merger in May, both banks have made good progress towards developing a mutually beneficial framework for the intended merger," as stated Alizz Islamic Bank chairman H H Sayyid Taimur A al Said.
The chairman added "this is with the objective of bringing together the best talents from OAB and Alizz Islamic Bank to create a market-leading Islamic bank that will continue its operations as an independent Islamic banking institution."
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