Mubasher: Oman-based Alizz Islamic Bank has announced receiving a letter from the Oman Arab Bank to discuss regarding a large cooperation between the two firms that may lead to a merger.

Oman Arab Bank is a 50.99% subsidiary of Oman International Development and Investment Company (Ominvest).

Alizz Islamic Bank last reported turning profitable after posting OMR 309,290 in the first quarter of 2018, against incurring OMR 743,930.

Ominvest’s profits increased 6.43% to OMR 11.99 million during Q1-18, from OMR 11.27 million in the same three months a year before.