Oman Arab Bank was established in 1984, following the acquisition of all Arab Bank branches in the Sultanate. In 1992, operations were expanded with the acquisition of all retail branches of Omani European Bank, with which OAB merged in 1994.
Since then, we have been building on our commitment to provide our customers with a comprehensive suite of innovative retail banking, corporate and project finance, investment banking, trade finance and Islamic banking solutions.
Our aim is to pave the way for the future of banking in the Sultanate. With the launch of our digital transformation strategy in 2014, we focused on enhancing the customer journey in our state-of-the-art omnichannel banking experience – from our branches to the OAB Online App and beyond. In 2016, we spun off our investment banking business to U-Capital, a regulated full-service investment firm, as part of our strategy to exit non-core business.
The launch of the OAB Innovation Hub in 2020 was a significant milestone in our digital transformation, which gave us the opportunity to promote a culture of innovation that traverses all aspects of our operations. The first of its kind in the local banking sector, we are proud of the talent the Innovation Hub attracts, and the value it adds to the Sultanate at large.
We are continuously investing in HR initiatives such as LEAD to transform local talents into the leaders of tomorrow. We have adopted the SAFe (Scaled Agile Framework for enterprise) approach in delivering value to customers and enhance operational efficiency.
Strategic alliances and synergies provide our customers with integrated and value-added services and products. As a trusted partner to many, we look forward to maintaining our position as the bank of choice by continuing to make a positive impact in our communities.
In 2020, we completed the acquisition of Alizz Islamic Bank (AIB) merging our Islamic banking window with AIB. As of July 6th, 2020, Oman Arab Bank was transformed into a public joint stock company, with its shares listed in Muscat Securities Market (MSM). This marked the beginning of a new phase of our success story.
Today, Oman Arab Bank Group operates a nationwide network of 54 conventional branches, 17 Islamic branches, 144 conventional ATMs and 10 Islamic ATMs in high footfall locations across the Sultanate.
The shareholders at Oman Arab Bank SAOG are:
- Arab Bank Plc: 49%
- Oman International Development & Investment Company SAOG (OMINVEST): 31.63%
- Others (individuals and corporate): 19.37%
As of June 30 2020, the Group’s total assets stood at RO 3.17 billion (USD 8.23 billion) and net worth of RO 431 M (USD 1.12 B).