Oman Arab Bank was established in 1984, following the acquisition of all Arab Bank branches in the Sultanate. Since then, the Bank has consistently expanded its reach and services, providing our customers with a comprehensive suite of innovative retail banking, corporate and project finance, investment banking, trade finance and Islamic banking solutions.
In 2014, the Bank launched its digital transformation strategy, putting it at the forefront of banking developments. Paving the way to the future, the strategy includes four main pillars:
1. Enhance the customer experience by offering a comprehensive and convenient way to bank. Whether that is through transactions at our state-of-the-art branches or any of our new and improved omnichannels.
2. Promote a culture of innovation by employing the latest technologies to develop solutions that meet the needs of new and existing customers. The introduction of OAB’s Innovation Hub in Q1 2020, the first of its kind in the local banking sector, is a prime example of our work towards this pillar.
3. Create strategic alliances and synergies that help the Bank provide integrated and added-value services and products to our customers.
4. Develop talents and competencies within the Bank, with talent management plans put in place for career advancement based on competencies and performance.
The Bank started negotiations to acquire 100% of Alizz Islamic Bank in 2018, with the aim to merge it with its Al Yusr Islamic Banking window. In June 2020, the merger agreement was signed between the major shareholders. As of July 6, 2020, Oman Arab Bank has been transformed into a public joint stock company, with its shares listed on the Muscat Securities Market (MSM). This has marked the beginning of a new phase of the Bank’s success journey.
The shareholders at Oman Arab Bank are:
· Arab Bank Plc: 49%.
· Oman International Development & Investment Company SAOG (OMINVEST): 31.63%.
· Others (individuals and corporate): 19.37%
The total shares of Oman Arab Bank when listed on Muscat Securities Market (MSM) was 1,669,410,000 (one billion six hundred and sixty-nine million four hundred and ten thousand), at a listing price equivalent to 213 baisas per share, with a total value equivalent to OMR 355,584,330 (three hundred and fifty-five million five hundred and eighty-four thousand and three hundred and thirty).