Mubasher: Oman-based Alizz Islamic Bank has announced receiving a letter from Oman Arab Bank to discuss a strategic cooperation between the two firms that may lead to a merger.
Oman Arab Bank is a 50.99% subsidiary of Oman International Development and Investment Company (Ominvest).
Alizz Islamic Bank last reported turning profitable after posting OMR 309,290 in the first quarter of 2018, against incurring a loss of OMR 743,930.
While Ominvest’s profits increased 6.43% to OMR 11.99 million during Q1-18, from OMR 11.27 million in the comparative period of 2017.
