BankDhofar has successfully raised a RO50mn subordinated loan from the domestic market for a tenure of five years and one month. This loan is designed to strengthen the bank's capital position and support funding and asset growth.
Mohammed Redha Jawad, GM WBG, said, "BankDhofar has investment grade rating from Fitch, Moody's and Capital Intelligence. This successful completion of the subordinated debt issue reinforces the confidence our shareholders have placed in BankDhofar and will enable us to effectively capitalise on opportunities to support our customers."
With the completion of the subordinated debt, BankDhofar's capital base has improved and will be utilised to expand its loan portfolio and participate in the bigger deals in the local market. In line with the recent spurt in domestic growth, clients' financial needs have also increased substantially and the bank will now be better positioned to support them.
"BankDhofar obtained the subordinated debt at a competitive price to strengthen our capital base in line with the strong growth in assets the bank has been demonstrating." added, Bashir Al Subhi, AGM Treasury & International Banking.
BankDhofar has a network of 59 branches with a strong presence in corporate banking.
© Muscat Daily 2011
