New disclosures: Will Nizwa Bank and Al-Izz bank merge?
Nizwa Bank and Alizz Islamic Bank announced a proposal to merge the two banks through Nizwa acquiring full ownership of Alizz Bank at a valuation of 1.2 times its book value. The funding for the deal is planned to be raised through the issuance of perpetual sukuk and a partnership with Oman Worldwide Development and Investment Company (Omaninvest), which will acquire a strategic stake of up to 20% of Nizwa’s capital after subscribing to the new shares. The execution of the merger is subject to regulatory approvals. It is worth noting that Bank of Oman Arab acquired Alizz Islamic Bank in 2020.
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