Oman Orix raises $25m term facility from regional banks

Muscat: Oman Orix Leasing Company, one of the leading non-banking finance companies (NBFC) in Oman, has successfully raised $25 million bilateral term facilities from regional banks.
The term facilities were provided by BBK BSC (BBK) and the National Bank of Ras Al Khaimah (RAKBANK) and will be utilised by Oman Orix to fund its leasing finance business. Alpen Capital, Oman acted as the sole financial advisor to the transaction.
The signing ceremony with BBK took place recently at the head office of Oman Orix in Muscat and attended by Prasenjit Mandal, department head – Institutional Banking, Shahin Mohammed Ahmed Al Balushi, chief executive officer, Oman Orix Leasing Company, Oman along with other senior executives from both organisations and Alpen Capital.
The signing ceremony with Rakbank was held at the Capital Club in DIFC on December 27, 2016 and was attended by Sunil Pherwani, general manager, Oman Orix Leasing Company, Peter England, chief executive officer, Rakbank, Rohit Walia, executive chairman, Alpen Capital along with other senior representatives from Oman Orix, Rakbank and Alpen Capital.
“We would like to use this opportunity to extend our gratitude to all parties involved in making this transaction a success and supporting us in our growth objectives. We have made it a priority to diversify our funding sources and I am glad that we were able to establish new banking relationships in the region through this transaction,” said Shahin Mohammed Ahmed Al Balushi, chief executive officer, Oman Orix Leasing Co.
“We are proud to be associated with this transaction and happy to support Oman Orix with its growth strategy. Their strong track record and reputation have played an important role in helping us execute this transaction seamlessly and place it successfully with regional banks,” said Siraj Bhavnagarwalla, managing director, Alpen Capital LLC, Oman.
“We are pleased to fund Oman Orix for their leasing finance business. With a focus on financial institutions business, this medium-term financing will help us progress into non-banking financial institutions within the GCC region and will assist in diversifying our asset book,” added Peter England, CEO of Rakbank.