Dentons has advised Oman Arab Bank SAOC (OAB) on the deal.
Oman Arab Bank SAOC (OAB), one of the first banks to be established in Oman, executed its takeover of Alizz Bank SAOG (AIB), a bank listed on the Muscat Securities Market and one of the first fully-fledged Islamic banks in Oman.
The new financial entity creates a lender with more than US$8.4 billion in assets and is a first of its kind in the local banking sector, delivering both world-class conventional and fully Shari’a-compliant Islamic banking services.
The transaction was the first takeover to be regulated by the new Oman Public Takeover Regulations and involved AIB becoming a wholly-owned Islamic banking subsidiary of OAB, a de-listing of AIB from the Muscat Securities Market (MSM) and a subsequent listing of OAB on the MSM.
The Dentons team advising OAB was led by partner Nick Simpson (Picture), with assistance from counsel Justine Harding and senior associate Harry Singh.
Law Firms: Dentons;
Clients: Oman Arab Bank, SAOC;