Published: January 5, 2012
US$170mn debt package for Omani bank will back lending to businesses and home buyers.
Oman’s BankMuscat, the sultanate’s largest bank, has received US$170mn in subordinated debt from the International Finance Corporation’s Capitalization Fund to strengthen its capital base and help it finance small businesses and middle-income home buyers.
The IFC Capitalization Fund is an equity and subordinated debt fund founded by the IFC and the Japan Bank for International Cooperation. It supports banks considered vital to the financial system of emerging economies.
As well as backing Al Wathbah, BankMuscat’s small and medium enterprises division, and baituna, its housing finance unit, the new funding will support cross-border investments within the region.