Oman International Development and Investment Company (OMINVEST) has said that Alizz Islamic Bank SAOG will become a fully-owned Islamic banking subsidiary of OAB and converted into an SAOC.
In a filing to MSM, it added that the assets and liabilities of Al Yusr Islamic Window of OAB will be transferred to AIB SOAC.
The OAB will be converted into SAOG.
The statement said that OAB has received regulatory approval on the imposed transaction from the Central Bank of Oman, and is in the process of obtaining further regulatory approvals from the Capital Market Authority and the regulatory bodies.
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