Oman’s Muscat Bank raises $25mn syndicated loan for Bank Asia
BI Report || BusinessInsider
Graphics: Business Insider Bangladesh
Bank Muscat of Oman has arranged a $25 million syndicated term loan facility for Bangladesh’s Bank Asia.
In a statement Bank Asia said both parties signed an agreement in this regard in Dhaka on Tuesday.
The agreement will allow Bank Asia, with long-term funding, to help exporters and importers to access reliable and reasonable terms and conditions for trade finance. It will ensure liquidity and stability to the trade finance system.
Bank Asia said it is the first SOFR-based syndicated term-loan facility in Bangladesh. SOFR stands for Secured Overnight Financing Rate, which is a broad measure of the cost of borrowing cash overnight collateralised by treasury securities.
Md Arfan Ali, president and managing director of Bank Asia, and Ahmed Faqir Al Bulushi, chief banking officer of Bank Muscat, joined the signing ceremony which was held virtually.
Bank Muscat is Oman’s largest bank by assets.
