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Thu 11 Jun 2020 03:15 PM

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Bank Muscat completes $150m loan facility from China

Loan from China Development Bank will be used for the bank's financing operations

Bank Muscat completes $150m loan facility from China

The loan facility was closed through Bank Muscat’s Wholesale Banking Group.

Bank Muscat has completed an unsecured bilateral $150 million loan facility, which has a five year tenor, with the China Development Bank.

According to a report by the state run Oman News Agency, the loan will be used for the bank’s financing operations in the country.

The loan facility was closed through the bank’s Wholesale Banking Group (WBG), which specialises in fund-raising for the bank, both conventional and Islamic, as well as other financial institutions across emerging markets.

Abdullah bin Zahran al-Hinai, chief wholesale banking and strategic growth officer, said: “The successful closure of the $150m bilateral loan follows the closure of a Club Loan for $650m 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 in 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.”

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