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National Bank of Oman board clears capital boost plan.

Muscat: National Bank of Oman's (NBO) board on Monday approved an increase in its euro-medium term note (EMTN) issue size to $1.5 billion, from its presently established size of $600 million. The bank will be enabled to issue Basel 3 compliant tier 2 instruments within the proposed EMTN programme. The terms of tier 2 instruments will be subject to the approval of the Central Bank of Oman. The board also approved issuance of $300 million tier 1 additional capital at terms and conditions to be approved by all regulators within Oman. The board also agreed to put forth both these resolutions for the approval of shareholders via an extraordinary general meeting proposed to be held on June 10.

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Publication:Times of Oman (Muscat, Oman)
Geographic Code:7OMAN
Date:May 11, 2015
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