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Dubai - Oman ORIX Leasing Company SAOG (“Oman ORIX”), one of the leading Non-Banking Finance Companies (“NBFC”) in Oman, has successfully raised USD 25 million bilateral term facilities from regional banks.
The term facilities were provided by BBK BSC (“BBK”) and the National Bank of Ras Al Khaimah (“RAKBANK”) and will be utilized by Oman ORIX to fund its leasing finance business. Alpen Capital LLC, Oman acted as the sole financial advisor to the transaction.
The signing ceremony with BBK took place on 18th October, 2016 at the head office of Oman ORIX in Muscat and attended by Prasenjit Mandal, Department Head – Institutional Banking, Shahin Mohammed Ahmed Al Balushi, Chief Executive Officer, Oman ORIX Leasing Company SAOG, Oman along with other senior executives from both organisations and Alpen Capital.
The signing ceremony with RAKBANK was held at the Capital Club in DIFC on 27th December 2016 and was attended by Sunil Pherwani, General Manager, Oman ORIX Leasing Company SAOG, Peter England, Chief Executive Officer, RAKBANK, Rohit Walia, Executive Chairman, Alpen Capital along with other senior representatives from Oman ORIX, RAKBANK and Alpen Capital.
“We would like to use this opportunity to extend our gratitude to all parties involved in making this transaction a success and supporting us in our growth objectives. We have made it a priority to diversify our funding sources and I am glad that we were able to establish new banking relationships in the region through this transaction”, says Shahin Mohammed Ahmed Al Balushi, Chief Executive Officer, Oman ORIX Leasing Company SAOG, Oman
“We are proud to be associated with this transaction and happy to support Oman ORIX with its growth strategy. Their strong track record and reputation have played an important role in helping us execute this transaction seamlessly and place it successfully with regional banks”, says Siraj Bhavnagarwalla, Managing Director, Alpen Capital LLC, Oman
“We are pleased to fund Oman ORIX for their Leasing Finance business. With a focus on Financial Institutions business, this medium-term financing will help us progress into Non-Banking Financial Institutions within the GCC region and will assist in diversifying our asset book,” says Peter England, CEO of RAKBANK
About Oman ORIX Leasing Company SAOG
Oman ORIX Leasing Company SAOG was incorporated in 1994 as a joint venture between reputed local and foreign financial institutions including International Finance Corporation, a member of the World Bank group. OOLC is listed on the Muscat Securities Market (“MSM”) with a market capitalization of USD 81.5 million. Operating under the license and supervision of the Central Bank of Oman (“CBO”), the principal activity of the Company is leasing of motor vehicles, equipment and plants and machinery. The Company derives all of its income from leasing, factoring and working capital operations within the Sultanate of Oman. The Company's head office is situated in Muscat with branch offices in the cities of Sohar, Salalah, Nizwa, Ibra, Barka, Seeb, Al Kamil and Buraimi. The Company has a market share of ~18% within Oman’s NBFC sector as of Sep 30, 2016.
Alpen Capital (ME) Ltd – www.alpencapital.com
Alpen Capital (ME) Limited is incorporated as a limited liability company in the Dubai International Financial Centre, Dubai, United Arab Emirates and is licensed by the Dubai Financial Services Authority. With local know-how and regional expertise, Alpen Capital offers a full range of investment banking advisory services in the areas of M & A, Debt, Equity and Capital markets. Apart from Dubai, it has offices in Abu Dhabi, Doha, Muscat, Mumbai and New Delhi.
About RAKBANK
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 38 branches and its Telephone, Online, and Mobile Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
For more information please contact:
Sameena Ahmad, Corporate Affairs
Telephone +971 (0)4 363 43 00 e-mail: sameena.ahmad@alpencapital.com
For media enquiries, please contact:
RAKBANK
Geraldine Dagher
Geraldine@rakbank.ae
© Press Release 2017
