Oman Arab Bank and Alizz Islamic Bank are exploring a merger, the two banks said. Alizz Islamic Bank said its chairman received a letter from the chairman of Oman Arab Bank requesting that the two banks explore the possibility of a strategic collaboration that may lead to an eventual merger. Alizz Islamic Bank, which has a market capitalization of $200 million, said its board has agreed to proceed and explore this opportunity with Oman Arab Bank. Ominvest and Arab Bank Group are key shareholders of unlisted Oman Arab Bank. Saudi British Bank (SABB) and Alawwal Bank have recently agreed a merger to create Saudi Arabia’s third biggest bank, in a $5 billion deal that marks the first major banking tie-up in the kingdom in two decades.
