MUSCAT, 24 March 2012 – BankMuscat, the flagship financial institution in the Sultanate, successfully concluded a syndicated loan totaling $62.5 million for Sampath Bank in Sri Lanka.
BankMuscat was a mandated Lead Arranger and Book Runner for the facility along with two other leading financial institutions. The syndicate opened for $30 million and was oversubscribed over twofold and closed at $62.5 million. The subscribers to the syndication were sourced mainly from the Middle East.
Dr. AbdulRazak Ali Issa, Chief Executive of BankMuscat, said: “As a mandated Lead Arranger, BankMuscat is happy to receive overwhelming response and successfully conclude the syndicated loan for Sampath Bank. The success of the issue symbolises BankMuscat’s relationship-based approach and the confidence of international banks. The syndication further cements BankMuscat’s capabilities in raising funds for international banks. As the leading provider of global financial market services in Oman and the region, BankMuscat is well geared to meet the varied banking requirements of associates in these countries. The Bank works with clients in understanding their often-complex business needs and provides comprehensive and integrated solutions that meet their requirements.”
BankMuscat’s Financial Institutions Group (FIG) is very active in Trade Finance and Financial Institution (FI) business covering prominent countries in Asia, Africa and other emerging markets. BankMuscat is in a position to provide customers and counterparts pan-GCC coverage. With branches in Saudi Arabia and Kuwait and an associate in Bahrain with its branch in Qatar, and a Representative Office in the United Arab Emirates (UAE), BankMuscat is uniquely positioned to serve counterparty banks for their requirements in the GCC region. BankMuscat has also leveraged its strengths through its Representative Office in Singapore to support the increasing trade and investment flows between Oman, the wider GCC and Asia.