Bank Muscat completes $150 million loan with China Development Bank

Business Wednesday 10/June/2020 16:13 PM
By: Times News Service
Bank Muscat completes $150 million loan with China Development Bank

Muscat: Bank Muscat, the leading financial services provider in Oman, has completed an unsecured bilateral loan facility of $150 million, which has a 5-year tenure, with China Development Bank (CDB), a development finance institution of the People’s Republic of China.
Abdullah Zahran Al Hinai, Chief Wholesale Banking and Strategic Growth Officer said, “The successful closure of the $150 million bilateral loan follows the closure of a Club Loan for $650 million recently from a consortium of 20 relationship banks from around the globe. This is due to the strong confidence of our partners in Bank Muscat and the country. The bank enjoys excellent support from the international banking community and we look forward to enhancing strategic relationships in the future. The existing healthy linkages between Oman and Asia are further enhanced with this landmark transaction. The loan from CDB opens a new chapter in the bank’s continuous efforts to widen its international partnerships.”
The loan facility was closed at favourable financing terms showing a good appetite for the bank’s fundraising activities. It was facilitated through the bank’s Wholesale Banking Group (WBG) which specialises in fundraising for the bank (conventional and Islamic) as well as other financial institutions across emerging markets.
The WBG team brings a focused approach to fundraising, delivering tailored funding solutions for the benefit of its clients.
Bank Muscat, which has the largest banking network in Oman covering retail, corporate, wholesale and Islamic banking operations, has been a keen participant in the growth and development of the Sultanate over the last three decades.
It has consistently demonstrated strength and stability in financials, ownership and management and is presently the only Domestic Systemically Important Bank (D-SIB) in the country. The loan from CDB will be utilised for the bank’s financing operations in the country.