Ominvest, together with its strategic partners Oman Investment Fund (OIF) and Arab Bank (Switzerland) (ABS), has entered into a memorandum of understanding with Oman Arab Bank (OAB) to acquire OAB’s investment banking business (OABINVEST). The deal is subject to satisfactory due diligence and necessary approvals from the regulators, an Ominvest statement said on Wednesday. The new shareholding structure of OABINVEST will comprise: Ominvest 36%, ABS 34% and OIF 30%. Ominvest group CEO AbdulAziz al Balushi said a deal is a major step towards building fee-based income sources for Ominvest and further diversifying its revenue streams. Amin al Husseini, CEO, OAB, emphasised that the sale will boost OAB’s equity capital, significantly strengthen its financial position and help finance strategic initiatives related to digital banking and electronic delivery channels. (Muscat Daily)