Alizz Islamic Bank in a filing to Muscat Securities Market (MSM) on Tuesday said it has expressed interest in the possibility of strategic merger with United Finance Company subject to conducting due diligence. No legally binding commitment has been made and the transaction remains subject to approval by the regulators and other stakeholders.
It may be noted that Bank Nizwa had withdrawn its proposal for a merger with United Finance in May last year.
Alizz Islamic Bank is one of the first dedicated Islamic banks in Oman that was founded in 2012, the bank floated the Initial Public Offering (IPO) in September 2012. Alizz Islamic bank is promoted by Huriah Company LLC, Aabar Investments PJS, First Energy Oman and Tasameem Real Estate Company LLC.
United Finance Company in its filing to MSM said the company has received a communication from Alizz Islamic Bank on June 5, 2017 proposing the possibility of a merger.
The proposal from Alizz Islamic Bank has been forwarded to the Board of Directors of United Finance Company for their information and directions. Further disclosure concerning this matter will be made as and when there are developments to report.
Established in 1997, United Finance Company) is one of the leading finance companies operating in Oman. The company started its business with RO 5 million capital.
The company has an asset base of RO 119 million, over 12,000 customers, seven branches and 145 employees, as per details on its website.
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