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National Bank Of Oman Says Plans Tier 1, Tier 2 Instruments

National Bank Of Oman Says Plans Tier 1, Tier 2 Instruments

The bank’s board has approved the issuance of a Tier 2 instrument worth up to $900 million and a $300 million Tier 1 capital increase.

National Bank of Oman said on Monday its board had approved the issuance of a Tier 2 instrument worth up to $900 million and a $300 million Tier 1 capital increase.

The bank said in a bourse statement that Basel 3 compliant Tier 2 issuance would be done through its EMTN (Euro medium-term notes) programme which the board has proposed to increase to $1.5 billion from $600 million.

It will ask shareholders to approve those plans at a meeting on June 10.

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