MUSCAT: In a disclosure to the Muscat Stock Exchange, the OAB said its Board of Directors received the proposal on July 16, 2026, which outlines a potential acquisition of 100 per cent of the issued share capital of Alizz Islamic Bank by Bank Nizwa, followed by the merger of Alizz Bank into Bank Nizwa.

Under the indicative terms submitted by Bank Nizwa, the proposed transaction values Alizz Islamic Bank at 1.2 times its book value.

OAB said the proposal remains non-binding at this stage and will be reviewed by the boards of directors of both OAB and Alizz Islamic Bank.

The potential merger is subject to completion of further due diligence, agreement on final transaction documents, and obtaining all required regulatory, shareholder and other applicable approvals.

Oman Arab Bank said it will continue to update the market and stakeholders on any material developments related to the proposed transaction in line with disclosure requirements.