Oman’s Sohar International Bank launching business in Saudi Arabia
By Andrei Skvarsky.
Oman’s Sohar International Bank has been given the go-ahead by the Saudi central bank to launch operations in Saudi Arabia, an Omani newspaper said.
Sohar International’s branch in Riyadh will offer a comprehensive range of corporate and retail services, according to Oman Daily Observer, a paper coming out in English and Arabic.
Sohar International is already present in the United Arab Emirates and Bahrain and has near-term plans to expand into other Gulf countries, the newspaper said.
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Oman Arab Bank launches $129m bond
By Andrei Skvarsky.
Oman Arab Bank has issued bonds worth a total of 50m Omani rials ($129m) to enlarge its capital.
The issue, whose value was initially set at 40m rials, was oversubscribed by 60 per cent and involved the use of a 10m-rial greenshoe option, English-language newspaper Muscat Daily said.
The bond, to have a nominal yield of 7 per cent per annum for the first five years, will be listed on the Muscat Stock Exchange (MSX), the paper said.
The issue was initially valued at 40m rials and involved a greenshoe option of 10m rials. The bank has been running domestic and international bond projects for many years, Muscat Daily said.
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