World Bank unit buys 5.28% stake in Bank Muscat
- Oman: Thursday, February 21 - 2013 at 03:16
Oman's Bank Muscat has agreed on an equity investment worth OR75.1m ($195.1m) from the International Finance Corp (IFC), a move which will bolster the capital base of the sultanate's largest lender, Reuters has reported. The World Bank unit will buy into the bank through a private share placement, which will represent 5.28% of Bank Muscat's capital following the investment, the lender said. The bank said earlier this month its credit growth is expected to be around 14-15% this year, driven by high government spending and higher wages for local citizens.
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