December 8, 2021, 7:05 am

Staff Correspondent

2021-09-08 09:14:15 BdST

Pubali Bank closes $52m syndicated loan facility with Bank Muscat

Pubali Bank has announced the closing of a US$ 52 million syndicated loan facility, which was arranged by Bank Muscat (Sultanate of Oman) as the sole mandated lead arranger and book-runner.

The transaction received strong participation from international financial institutions, with lenders from Asia, Europe, and the Middle East actively supporting it, said a press release received on Wednesday

The landmark transaction, initially launched for a facility size of US$ 35 million, achieved significant oversubscription of about 48 percent, and was then scaled up to finally conclude at US$ 52 million.

The loan facility will provide holistic liquidity services, being instrumental in continued import and export activities and help strengthen the country’s economic growth, it added.

This will also enable the bank to extend foreign currency trade credit to local banks as well as local importing and exporting businesses and is expected to generate up to $200 million of additional trade every year, especially in the post-pandemic phase.

Mr Mallikarujuna Korisepati, Global Head, Treasury, Capital Market & FI of Bank Muscat, & Mr Mohammad Shahadat Hossain, Deputy Managing Director of Pubali Bank signed the agreement on behalf of their respective institutions.

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