(MENAFN – Mid-East.Info)
Muscat: Oman Arab Bank SAOG (OAB) has successfully issued $ 250 million of additional Tier 1 perpetual bonds, listed on the International Securities Market (ISM) of the London Stock Exchange. This makes OAB the first local bank to do so this year, ensuring a positive impact on its shareholders and on the national economy as a whole.
Mr. Rashad Al Zubair, President of OAB, said: “This recent issue marks another successful milestone in the history of OAB and our growth path. In addition, it is in line with the vision of the Central Bank of Oman, which emphasizes the need for local banks to expand and improve their position and capacity to finance development projects for the Sultanate. , as part of Oman’s global strategy Vision 2040. On behalf of the OAB Board of Directors, wishes a warm welcome to the diverse set of international investors who have placed their trust in the growth of the OAB. economy of Oman in general and OAB in particular. ”
Emphasizing the importance of this important step, Rashad Al Musafir, CEO of OAB, said: “ This is a huge step for us, especially after the successful acquisition of 100% of the shares of Alizz Islamic Bank ( AIB) and the merger of our Islamic bank machine. with AIB. In mid-2020, Oman Arab Bank was transformed into a public limited company, with its shares listed on the Muscat Securities Market, marking a fundamental achievement in our history spanning nearly four decades. Today we are proud to announce another success in the history of OAB’s expansion with the issuance of a USD 250 million international perpetual bond on the London Stock Exchange, one of the largest securities markets in the world. This will contribute to our efforts to attract foreign investment into the local banking sector to meet the growth and development plans of the Bank. ”
“We are proud of the positive reaction to OAB’s first international offering, which generated widespread interest from international investors which included several top-notch funds from the London market. The final order book was valued at more than USD 1.1 billion, which testifies to the high level of confidence of international investors in the Omani economy and the local banking sector, as well as in the financial performance of OAB ”, he added.
This milestone is considered to be the first issue of its kind for OAB in foreign currency and is also the first international issue of AT1 (additional level 1 bonds) public in the last 3 years from Oman. Hence, which makes it important to improve domestic liquidity with a continuous flow of foreign investment, especially under current market conditions. The issue was jointly managed by Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, Kamco Investment Company KSCP, Standard Chartered Bank and Ubhar Capital SAOC.
Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. In June 2020, OAB completed its acquisition of Alizz Islamic Bank and its merger with its Islamic banking window. OAB has been transformed into a public limited company, with its shares listed on the Muscat Securities Market for the first time. Today, the bank operates a nationwide network of 53 branches and representative offices with 160 ATMs spread across Oman. OAB offers a full range of financial products and services to individuals, businesses and investors. As one of the most advanced banks, it provides complete digital solutions through its online application OAB, through which customers can open new accounts and benefit from other services, directly from their mobile phone.
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