Ahli Bank, the fastest growing bank in Oman, is enhancing its corporate banking services to SME clients with the launch of attractive working capital facilities and a new streamlined credit approval process. The product will form part of the Bank's 'Business Banking' basket of SME features, designed to simplify credit application preparations and approvals with three specific product propositions. The bank announced the availability of this new product and service which offers easier approval processes and lower securities required from clients.
Launching the new services, Mr Abdul Aziz Al Balushi, Ahli Bank's CEO said, "SMEs have been a focus area for Ahli Bank and this product will expand Ahli Bank's range of specific offerings to the SME sector. This product will have attractive features including competitive pricing, structure tailored specifically to SME's, faster turnaround on credit applications and high quality of service."
The Small and Medium Enterprises (SME) sector in Oman is relatively young in terms of its life cycle when compared to other similar markets, thus the potential for growth is tremendous. Also, in terms of access to finance, financial institutions in Oman are yet to match the varying needs of SME customers in terms of products and services.
Keeping in view the growth potential and financing requirements of SMEs, Ahli Bank announced the launch of the new service for financing the working capital requirements of SME companies in Oman. The product will also accommodate the needs of individuals who are owners of commercial business. This coincides with Bank's second anniversary as a fully fledged commercial bank.
The new Working Capital facility product is aimed at companies who have been established for three or more years with a good track record. Credit facilities of up to RO 500,000 will be made available under this new product. The product also offers funded and non- funded facilities like overdrafts, Letters of Credit, Bank Guarantees etc.
In 2010, the bank plans to build its portfolio of SME clients with an enhanced range of products and is targeting SME's that comply with the proposed business banking criteria across nearly all industry sectors, including construction, property development, manufacturing, retail, trading, transportation, hospitality and tourism, communication and education.
In addition, the facility enables access to Ahli Bank branches across Oman, Egypt, United Kingdom, Bahrain, Qatar, Kuwait and Iraq through the Bank's strategic partners.
The new product has been developed by Ahli Bank's SME Unit which aims to provide Oman's SMEs with competitive financial products with attractive features including competitive pricing, new product structures tailored specifically to SMEs, a faster turnaround on credit applications and high quality of service. Ahli Bank is also introducing industry best practices in lending to SMEs and incentivizing customers to move their banking relationship to Ahli Bank.
-Ends-
Issued on behalf of Ahli Bank by Envent
For further information on Ahli Bank, please contact:
Ghaya Al Barwani
Head of Marketing,
Ahli Bank,
Tel: +968 24 577 176
Fax: +968 24 562 120;
E-mail: ghaya.albarwani@ahlibank-oman.com
Melissa Dixon
Senior PR Manager
Envent
Tel: 00968 2469 3133
Fax: 00968 2460 7717
Email: melissa@enventoman.org
© Press Release 2010
