Oman’s United Finance Co has agreed in principle to merge with Islamic lender Bank Nizwa, the financial firm said on Sunday.
On Wednesday, United Finance said it would consider Bank Nizwa’s merger proposal when its board next met, which was the following day, according to a statement to Muscat’s bourse.
Bank Nizwa, which started operations in 2013 as one of Oman’s two full-fledged Islamic banks, has a market capitalisation of about $339 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 $106 million.