Bank Muscat signs agreement with PDO to refinance its employee housing loan portfolio
By: Times News Service
Muscat: In line with its pioneering role in providing banking services and facilities, Bank Muscat, the leading financial services provider in the Sultanate, has signed a Sub-Participation Facility Agreement with Petroleum Development Oman (PDO) to refinance or monetise the existing and future portfolio of home loans that PDO provides to its employees under a housing loan scheme.
The unique financing structure provides an efficient option for PDO to monetise the receivables of this portfolio to generate cash flow for operations and investments.
Speaking on the occasion, Sheikh Waleed K. Al Hashar, Chief Executive Officer, Bank Muscat, said, “We are happy to strengthen the cooperation between the Bank and Petroleum Development Oman, the leading oil and gas producer in the Sultanate. Under this agreement, while PDO continues to provide its employees housing loans as part