Muscat - Alizz Islamic Bank has decided not to pursue the merger with United Finance Company and stop discussions on a possible merger between the two institutions.
‘Based on recent decision of United Finance to decline Alizz Islamic Bank’s offer for exploring a possible merger of two institutions through a combination of a share swap and cash, the board of directors of the bank have decided not to pursue the merger and stop discussions relating the same’, Alizz Islamic Bank said in a filing to the Muscat Securities Market on Monday.
Earlier in June, Alizz Islamic Bank had expressed interest in the possibility of a strategic merger with United Finance. However, the board of directors of United Finance later decided to decline the proposed offer for a potential merger with Alizz Islamic Bank and insisted on receiving an offer for a full cash acquisition.
