Bank Sohar to double capital to $260m
Muscat, April 2, 2008
Bank Sohar, Oman's newest lender, said on Wednesday it planned to raise its capital by 100 per cent to help finance expansion.
"We are asking our shareholders for the funds to raise the capital to RO100 million ($259.8 million) and we expect to achieve that in about three to four months," senior deputy general manager HV Sheshadri said.
The lender said in May it expected to take at least two years to make profit as it invests in technology and branches.
The bank plans to increase the number of branches to 12 from five by the end of the year, it said at its annual shareholders meeting on March 26.
Shares of Bank Sohar, which ended 0.7 per cent up on Wednesday, are down 5.12 per cent this year.-Reuters