Bank Muscat, Omani lender, successfully concluded a syndicated loan totaling $62.5 million for Sampath Bank in Sri Lanka.
Bank Muscat 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 two-fold 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 Bank Muscat, said, “The success of the issue symbolizes Bank Muscat’s relationship-based approach and the confidence of international banks. The syndication further cements Bank Muscat’s capabilities in raising funds for international banks.”
Bank Muscat’s Financial Institutions Group (FIG) is very active in trade finance and financial institution business covering prominent countries in Asia, Africa and other emerging markets.
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), Bank Muscat is uniquely positioned to serve counterparty banks for their requirements in the Gulf Cooperation Council (GCC) region.
Bank Muscat has also leveraged its strengths through its representative office in Singapore to support the increasing trade and investment flows between Oman, the wider Gulf Cooperation Council and Asia, Times of Oman reported.
