08 September 2016
Muscat - Bank Sohar on Wednesday announced the successful closure of a RO35mn Tier II subordinated debt issuance.

"Pursuant to the approval of the Central Bank of Oman (CBO), Bank Sohar is pleased to announce the successful closure of its RO35mn Tier II subordinated debt issuance," the bank said in a disclosure filed with the Muscat Securities Market.

Bank Sohar said the fund raising will significantly improve the bank's capital position, allowing it to support the local economy more strongly through greater ability to provide financing for deserving projects. The subscribers to the issuance included pension funds, large Omani corporates and individuals.

Gross loans and advances of Bank Sohar grew by 12.53 per cent to RO1.82bn as of June 30, 2016 from RO1.62bn a year earlier. Gross loans and advances jumped by RO87mn in the second quarter of 2016 alone, which will help the bank in getting additional revenue during the rest of the year, the bank said in its first half report.

© Muscat Daily 2016