Several leading Omani banks have recently moved ahead with plans for large bond issues, with this underscoring the broader confidence in the banking sector at a time of sustained high oil prices and positive economic growth.
The National Bank of Oman (NBO), the Sultanate’s second-largest lender in terms of assets, received shareholder approval in late March for a $600m bond programme that will likely enhance its ability to tap into international markets.
NBO’s move follows hot on the heels of a new $800m bond programme at BankMuscat, the country’s largest lender by market value, which won shareholder approval in February. Bank officials there have said the money raised from the issue will be used to help fund medium-term lending.
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