Font Size

- Aa +

Wed 11 Feb 2015 01:18 PM

Font Size

- Aa +

Oman's United Finance to mull merger with Bank Nizwa

Bank Nizwa started operations in 2013 as one of Oman's two full-fledged Islamic banks

Oman's United Finance to mull merger with Bank Nizwa

Oman's United Finance Co said on Wednesday that Bank Nizwa had approached it with a proposal for a strategic merger.

United Finance's board will consider the proposal at its next meeting, the company said without giving any details. It noted that any merger would need the approval of the board of directors, shareholders and regulators.

Bank Nizwa, which started operations in 2013 as one of Oman's two full-fledged Islamic banks, has a market capitalisation of about $320 million, according to Thomson Reuters data.

United Finance describes itself as Oman's largest non-bank financial institution, and offers loans and leasing services as well as corporate deposits. Its market capitalisation is about $105 million.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.