MUSCAT – Bank Muscat’s Investment Banking Department continues its successful track record of providing innovative and customized financial structure and financial advisory solutions to suit the unique requirements of customers. The Investment Banking Division had another stellar year in 2023, providing financial advisory and fundraising services for a number of prestigious customers including Government Related Entities (GREs) as well as large corporate entities. Hence, during the year, the Bank won several awards from renowned publications including Best Project Finance Bank (Asian Banking & Finance), Best Corporate and Investment Bank (Asian Banking & Finance), Best Local Investment Bank (EMEA Finance) and Best Investment Bank in Oman (Arab Federation of Capital Markets).
During 2023, Bank Muscat successfully advised on multiple transactions which resulted in aggregate fundraising and public offering in excess of c. US$ 2 billion. Some of these transactions included marquee transactions such as the OQ Gas Networks Initial Public Offering (IPO) which was the largest ever IPO in Oman. These transactions spanned across various sectors including energy, insurance, financial services, gas transportation network, utilities, real estate, and electricity among others.
Providing insights into the success of the Investment Banking business, Khalifa bin Abdullah Al Hatmi, Deputy General Manager, Investment Banking and Capital Markets, Bank Muscat, noted: “I am very pleased with the results achieved by the Bank in 2023, which demonstrates the Bank’s commitment to its values of ‘Better Everyday’ in all its engagements and aims to deliver contemporary, unique, and customer-centric solutions to all its customers. Bank Muscat has invested heavily in building knowledge and capabilities within financial advisory and fundraising advisory services domain which has enabled the Investment Banking Department to successfully conclude a number of prestigious transactions over the past year. We strive to be the leading investment banking franchise in the country, and our achievements over the previous year are testimony to the team’s hark work and commitment to our customers.”
Khalifa Al Hatmi added: “The Bank is synonymous with innovation, customer-centricity, agility, and trustworthiness and it always aims to deliver dynamic solutions which suit the unique requirements of our customers. We are committed to delivering on these principles consistently. Bank Muscat prides itself in its intricate understanding of complex business requirements of its customers, offering unmatched financial expertise and guidance, innovative funding solutions and a wide array of services for various customer needs.”
Bank Muscat acted as the Issue Manager and Joint Global Coordinator for the successful IPO of OQ Gas Networks SAOG which was the largest ever IPO on MSX with a size of c. US$ 750mn as well as the fourth-largest IPO in the region in 2023. The Bank also worked with leading GREs in Oman, acting as the financial advisor in relation to reorganization of Oman’s electricity sector, engaging with local, regional, and international banks to achieve successful transaction close. It also acted as one of the Joint Lead Managers for the debut Sukuk issuance by Energy Development Oman (EDO). On the Merger and Acquisition (M&A) side, the Bank acted as the sole advisor on the merger of Oman Qatar Insurance Company with Vision Insurance Company, which was successfully completed in February 2023. The successful financial closure of these transactions underlines the reputation of the Bank and highlights the capabilities of the team members, comprising some of the most experienced investment bankers in Oman with a wide experience across sectors and geographies.
Building on the successful execution track record, Bank Muscat is currently advising customers on multiple capital market transactions, such as perpetual bonds issuance by a finance and leasing company in Oman, in addition to international Regs /144A bonds issuances by leading corporations, as well as advising on M&A mandates from prominent local and regional customers. Capitalizing on its capital market leadership, the Bank also looks forward to continuing to make valuable contributions in the privatization and IPO of prominent assets in Oman in the year 2024 and beyond.
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