Oman Arab Bank SAOC and alizz islamic bank SAOG (MSM:BKIZ) are exploring the possibility of a merger. The Chairman of Alizz Islamic received a letter from the Chairman of Oman Arab Bank requesting that the two banks “explore the possibility of a strategic collaboration that may lead to an eventual merger of the two entities”, the bank said in a statement to the Muscat Securities Market on Thursday. Alizz said its Board has agreed to proceed and explore the opportunity.

Shares of Alizz bank rose 5.2% in early morning trading on May 24, 2018.