Bank Muscat signs $170m loan deal with IFC
Dubai, January 3, 2012
Bank Muscat has signed a $170 million subordinated loan agreement with the International Finance Corporation, a unit of the World Bank, the Omani lender said in a statement posted on its website.
In November, Bank Muscat, Oman's largest lender by market value said it was in talks with IFC to raise the agreed amount in subordinated debt.
The loan agreement was signed on December 29, the statement from the bank said.
The IFC has invested in Bank Muscat through the IFC capitalisation fund, set up to support emerging market banks.
The funds are aimed at strengthening its capital base and supporting the bank's small and medium enterprises (SME) division and its housing finance unit, the statement said.
Shares in Bank Muscat were trading up 0.65 percent at 0.769 rials ($2.00). – Reuters