Feb 01 2012 |
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Ahlibank to float RO25mn rights issue
By Gulam Ali Khan Ahlibank's board of directors has approved a rights issue of RO25mn and the acquisition of Middle East Brokerage Company (MEBC), as the bank looks to fund expansion and launch an investment brokerage arm.Speaking to Muscat Daily, Abdulaziz al Balushi, the chief executive officer of Ahlibank, said the bank is entering a new phase for which it needs more capital to support growth and expansion.
He said, "We feel that it is the right time to enter the investment banking space, along with Islamic banking.
"There will be a lot of investment banking activity after the launch of Islamic banking. However, our capital adequacy ratio is quite strong and above 16 per cent, which is much higher than the Central Bank of Oman's (CBO) stipulated requirement of 12 per cent."
However, both the rights issue and the acquisition of MEBC are subject to necessary regulatory and shareholder approvals.
CBO had recently announced, that the minimum capital requirement for Islamic banking window operations is RO10mn for conventional banks.
Brokerages in Oman are passing through one of their most difficult periods as low trading volumes and lacklustre regional markets eat into their profits.
© Muscat Daily 2012
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