Shareholders have approved an increase in National Bank of Oman’s capital.
Shareholders at an extraordinary general meeting (EGM) approved the board’s proposal to issue up to US300mn in additional perpetual Tier-1 capital securities. Interest pricing is to be determined at the time of issue based on market conditions a press release said on Monday.
Shareholders also sanctioned increasing the limit of the bank’s existing Euro Medium Term Notes (EMTN) programme from US600mn to US1.5bn over the next four years subject to applicable regulatory approvals.
In 2014 a US500mn bond issued under the EMTN programme was more than three times oversubscribed following a highly successful international investor roadshow.
Mohammed bin Mahfoudh al Ardhi chairman of NBO said ‘We thank our shareholders for fully supporting NBO’s strategy to diversify our funding base and maintain a strong capital position. Investors have demonstrated a clear appetite for recent NBO debt issues and we are delighted to have their backing for future increases in our capital base.’
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