Oman Arab Bank Launches Travel Loan Campaign to Empower Holiday Seekers - Middle East Business News and Information
The Travel Loan offers customers the opportunity to borrow between OMR 1,000 and OMR 5,000 with an attractive interest rate of 4.5%, and flexible repayment terms of up to 12 months. To further reward customers, the campaign includes a two-year annual fee waiver on OAB credit cards for eligible applicants.
Special benefits await those heading to Salalah for Khareef, including 20% cashback on fuel spent at Oman Oil and Shell stations during selected weekends in July and August. In addition, customers can access exclusive offers on hotels, dining, cafés, and car rentals in the Dhofar region, making their trip even more enjoyable and cost-effective. International travelers are not left behind. The campaign also includes complimentary travel insurance, offering peace of mind for customers flying abroad, ensuring safety and convenience remain a priority.
Mr. Juma Al Fulaiti, Deputy Head of Retail Banking at OAB, commented, 'At OAB, we believe travel is more than leisure—it's an opportunity to connect, explore, and grow. Through this Travel Loan campaign, we're proud to provide financial solutions that allow our customers to experience new destinations without the burden of financial constraints. Whether it's enjoying the lush beauty of Salalah or discovering the world beyond, we want our customers to indulge, while also creating a slew of unforgettable memories with their families and loved ones.'
Customers can apply for the Travel Loan conveniently via the OAB Mobile App or by visiting their nearest branch. This initiative is part of OAB's broader strategy to offer flexible, relevant, and rewarding financial products that align with customers' evolving needs and aspirations.
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Mid East Info
a day ago
- Mid East Info
This is a text of gratitude. A good thing happened in the financial market. - Middle East Business News and Information
By Sergey Lyamets, Ukrainian journalist Recently, Investment Capital Ukraine (ICU) agreed to release the hostages it had been holding for months. It offered bondholders to exchange the frozen unrestructured Loan Participation Notes (LPNs). To replace them with the same bonds, but already restructured ones. They belong to ICU in other issues. In my opinion, this is a very good and ethical thing for the company to do. It can really correct the injustice that has been going on for quite some time. If you are not up to date, let me briefly remind you. Even before the full-scale invasion, Alfa-Bank's VIP depositors were offered a special investment product – Loan Participation Notes (LPN) issued by the Dutch company EMIS Finance B.V. These were securities with higher yields in foreign currency. In order to guarantee the safety of the money from Ukrainian legislation risks, the LPNs were issued by the Dutch company EMIS Finance B.V. and are in some way separated from the bank. Alfa-Bank returned the funds raised to Ukraine and used them to issue new loans, and then shared the profits with its VIP clients. The deal was mutually beneficial, and Alfa Club became the most powerful VIP banking system in Ukraine. But with the outbreak of a full-scale war, the bank was nationalised, and the money of Ukrainian depositors was 'suspended'. The former owners of Alfa agreed to return the money, but asked to wait. They proposed a restructuring scheme for multiple tranches of LPNs. Most of the LPN issues have already been restructured. The scheme was used by influential Ukrainian families and companies, including (it turns out) ICU. Now they just have to wait for their money. But there are just a few tranches left, the majority stake in which were bought up by the ICU group. The company began to play its own game, apparently demanding money from EMIS Finance B.V. not later, but immediately. They refused, and the situation 'hung'. The LPN holders, who had a minority of votes, were held hostage (I will refer to them in this way below) and therefore could not influence the negotiations. After unsuccessful requests for restructuring (Investment Capital Ukraine did not agree), they began to use leverage. In particular, they could have influenced the imposition of sanctions against Petro Poroshenko, who is considered to be affiliated with ICU. I wrote about this here. Time passed, but the situation did not change. On the contrary, ICU has recently gone on the offensive. The company proposed to change the trustee and paying agent of the blocked LPN tranches from BNY Mellon to Global Loan Agency Services Ltd (GLAS). Why? BNY Mellon is a world-renowned financial group with an impeccable reputation. Its business is simply to serve the process. GLAS, however, specialises in distressed and disputed assets. It often acts in the interests of the customer, not the market. It looks like ICU is going to get its money's worth with the help of GLAS. Of course, this upset the 'hostages' even more, because for them, replacing the trustee would mean the failure of the restructuring, and the LPN debts would finally 'hang'. But they had no chance to change this scenario, because the ICU holds the majority of votes. For some time, it seemed to me that the main purpose of replacing the trustee was to force the 'hostages' to sell their LPNs to the group at a large discount. In fact, ICU has professed this philosophy before: buy cheaply while everyone believes in the crisis and then sell at a premium. Nevertheless, a pleasant miracle happened. Mr Paseniuk and Mr Stetsenko offered the 'hostages' to replace the LPNs with the same securities, but already restructured (from other tranches). This is a gentlemanly act. I don't know who to thank for this. Perhaps Petro Poroshenko, who could have conveyed a simple message to the company's co-owners Makar Paseniuk and Kostiantyn Stetsenko: the most dangerous opponent is the one who has nothing to lose. If we believe that it was the 'hostages' who influenced the imposition of sanctions against Poroshenko, we can imagine what they would have done next. For ICU, this pressure could have been fatal and resulted in personal sanctions against the company and its owners. If this is the case, I think I would be very right to convey the gratitude of several families to you, Mr President. Of course, another motivation might have worked. Messrs Paseniuk and Stetsenko could have soberly judged that it was not worth going to war with outraged 'hostages' in the rear. After all, sanctions have already happened in Petro Poroshenko's life, but they may yet appear in theirs. As for the possible reasons, it doesn't take too long to find them. The professional biography of ICU's leaders is closely intertwined with Russia's VTB. The main thing in sanctions is not the presence of facts, but the decision to let them develop. This is exactly what the danger was for ICU. In the event of sanctions, one can kiss goodbye to one's reputation and financial career in Ukraine, the UK, and Europe. And I'm not even talking about the monetary losses. I'm sure that current ICU clients would be very much against such a scenario. If so, the company's decision is a manifestation of common sense. In any case, a gentlemanly act is a gentlemanly act. It is a credit to Messrs Paseniuk and Stetsenko. It releases ICU from confrontation with the 'hostages'. Albeit, as my sources ironically point out, one part of ICU's problems has been solved, but the other is just beginning. In their opinion, the company is at risk. Here's the thing. ICU is moving to an aggressive stage of pulling out its money. To do this, they need GLAS. I may be wrong, but ICU's actions are unlikely to threaten EMIS Finance B.V. This structure is simply a so-called SPV – a transit company that gives money only after it receives it. Where is the real money? Maybe in Russia? No. The money will be paid by… three… two… one… Ukraine. That's right. Ukraine. My interlocutors told me a dark secret. The only chance to return the money to the holders is to negotiate with Ukraine on compensation for the nationalised assets. In their opinion, this will require waiting for the end of the war. Although I cannot imagine how Ukraine will agree to this. If you want the money faster, sue Ukraine. Therefore, according to my interlocutors, ICU will sue Ukraine. After all, it was Ukraine that nationalised Alfa, it was Ukraine that made it impossible to get the LPN money back. To a large extent, I believe in such a scenario. The fact is that the ICU is serviced by Cleary Gottlieb, an international law firm. It was this company that was the architect of the warrant deal in Jaresko's time. Let me remind you that the holders of these securities receive hundreds of millions of dollars if Ukraine's GDP grows by more than 3% over the year. If GDP growth is between 3% and 4%, Ukraine pays 15% of the amount exceeding 3%. If GDP growth exceeds 4%, it pays 40% of the total amount of growth over 4%. It is very likely that these securities were once made possible thanks to Poroshenko's political support, and for many years they have been alive thanks to old connections. So, even today, Cleary Gottlieb services warrant holders. It is quite possible that ICU or its clients are among the holders of these securities, but I have no facts about this. But let me remind you that we still don't know who the warrant holders are. International lawyers protect the anonymous owners. Ukrainian society is outraged by their actions, but this outrage is very abstract. No one knows the stakeholder. In the case of LPNs, it's a completely different story. The holder of the bonds is either ICU or a client that the company cannot name. This is a completely different configuration. A financial company with Ukrainian roots and revenues in Ukraine… will sue Ukraine. It's not pretty, no matter how you look at it. International courts may decide that Ukraine owes money. But what will be the reaction of society? It is insidious and inhumane to extract money from a country in the midst of a war to make super-profits. Especially for a Ukrainian company. I'm not too sure about their colleagues either. If Cleary Gottlieb conducts this project, I will speculate further. But is Global Loan Agency Services Ltd (GLAS) ready for reputational losses? Does the company know from whom they will have to collect the money? This is very intriguing. Of course, some other scenario is possible. But something tells me that this is exactly what it looks like: ICU v. Ukraine. So far, this has not happened. We'll see how it goes. Let me remind you that I still have not received any comments from ICU. In conclusion, I would like to compliment the company once again. Messrs Paseniuk and Stetsenko acted like gentlemen. It is possible that this happened under the influence of Petro Poroshenko, for which he will receive a compliment of his own. To be continued. Or not.
Daily News Egypt
4 days ago
- Daily News Egypt
CIB reports Q2 2025 consolidated revenue of EGP 27.8bn
Commercial International Bank (CIB) reported second-quarter (Q2) 2025 consolidated net income of EGP 16.7bn, or EGP 4.88 per share, marking a 7% increase from Q2 2024. The bank's management commented: 'Building on a strong start to the year, CIB delivered another solid set of financial results in Q2 2025, closing the first half with top and bottom lines of EGP 54.9bn and EGP 33.3bn, representing growth of 18% and 21%, respectively, over the previous year. This was achieved despite the easing monetary cycle and supported by the stability in the foreign exchange market, reflecting the true resilience of CIB, underpinned by the strength of our core business performance. This is further evident in our year-on-year growth in USD terms, with revenues up 14% and net income up 17%.' Each of the Bank's business lines performed robustly, enabling CIB to support corporate and individual clients as they navigated market dynamics. Despite relative normalization in local currency deposit market rates, total deposits continued to grow, increasing by a healthy 21% year-on-year. Both retail and corporate deposits contributed, rising by 22% and 21%, respectively. This growth was driven by continued momentum across all business segments and was accompanied by an increase in the share of current and savings accounts (CASA) to total deposits—from 54% last year to 59% by end of first-half 2025—helping manage cost of funds and maintain margins. Meanwhile, gross loans expanded impressively by 50% year-on-year, adding EGP 165bn, driven mainly by corporate loans, which grew by 57% (EGP 149bn). Over 40% of this corporate lending was directed towards capital expenditure (CAPEX). At the same time, lending to small and medium-sized enterprises (SMEs) continued to grow, reaching 29% of the loan portfolio, exceeding the Central Bank of Egypt's minimum requirement. Retail loans also showed strong growth of 23%, adding EGP 16bn, primarily in personal loans, credit cards, and mortgage loans. As a result, CIB maintained its position as the largest private-sector lender in the Egyptian banking sector, with a gross loan portfolio of EGP 496bn in of the first half of 2025—or EGP 523bn when including securitization deals—capturing a private-sector corporate loan market share of 9.23%. This robust balance sheet momentum supported strong revenue growth of 18% year-on-year, which would have been 23% when excluding the exceptional foreign exchange income generated in the first half of 2024. Growth was driven by a 24% increase in net interest income (NII) and a normalized 21% rise in non-interest income. The latter was largely underpinned by genuine growth in sustainable streams: net fee and commission income increased by 22%, reflecting active lending during the year, with loan fees recording an impressive 42% rise, and card fees nearly doubling, driven by a 38% increase in the credit card portfolio from the end of the first half of 2024. All of this was enabled by CIB's solid digital infrastructure, which reinforced its leadership in digital banking and alternative channels. The Bank saw a significant increase in transaction volumes and values, reaching 1.9 million users on its online banking platforms in of the first half of 2025, a 17% rise from the same period in 2024, while transaction values grew by 58% to EGP 2.3trn across all digital channels. Total provisions accrued this quarter were similar to the previous quarter, amounting to EGP 695m for the first half of 2025—down from EGP 2.24bn in the first half of 2024. This decrease was largely due to the adoption of the recalibrated Expected Credit Loss (ECL) calculation, which was successfully validated by a third party and communicated to the Central Bank of Egypt, with final approval pending. Despite slower provision accumulation, the Bank preserved its highest-in-market coverage for expected losses: loan loss provisions covered 8.9% of the gross loan portfolio, 12.6% of the unsecured portion, and 338% of non-performing loans (NPLs). Notably, even when excluding provisions, the Bank's bottom line still recorded a healthy 14% year-on-year growth in the first half of 2025. This strong profitability accommodated healthy capital utilization, as reflected in risk-weighted asset (RWA) growth, with CIB ending the period with a Capital Adequacy Ratio (CAR) of 28.4% and a Common Equity Tier I (CET1) capital ratio of 23.6%. This solid capital base supported one of the highest returns to shareholders, with Return on Average Equity (RoAE) reaching 40.5% for the first half of 2025. Looking ahead, management remains optimistic about Egypt's economic recovery while preparing for various scenarios, supported by CIB's resilient balance sheet, prudent risk management, and operational readiness. Revenues Second-quarter 2025 standalone revenues reached EGP 27.8bn, up 13% from the second quarter of 2024. First-half 2025 standalone revenues were EGP 54.6bn, an 18% increase over the first half of 2024, driven by a 23% rise in net interest income, partially offset by a 30% decrease in non-interest income. Net Interest Income First-half 2025 standalone net interest income totaled EGP 51.2bn, up 23% year-on-year, achieved with a total Net Interest Margin (NIM) of 8.94%. Local currency NIM improved by 51 basis points to 13.1%, while foreign currency NIM declined by 114 basis points to 2.71%. Non-Interest Income Standalone non-interest income for the first half of 2025 stood at EGP 3.47bn, down 30% year-on-year. Trade service fees grew 5% to EGP 1.72bn, with an outstanding balance of EGP 302bn. Operating Expense Operating expenses reached EGP 7.54bn in the first half of 2025, a 35% increase year-on-year. The cost-to-income ratio rose by 180 basis points to 13.8% but remained comfortably below the Bank's target ceiling of 30%. Loans Gross loans reached EGP 496bn, growing 24% or EGP 96.3bn year-to-date (YTD). Adjusting for the appreciation of the Egyptian pound, real growth was 25% or EGP 99.2bn. Local currency loans grew by 29% (EGP 80.5bn), while foreign currency loans rose by 16% ($377m). As of February 2025, CIB's total loan market share stood at 4.72%, and private-sector corporate loan market share at 9.23%. Deposits Total deposits rose to EGP 1.04 trillion, a 7% or EGP 72.3bn increase YTD, with real growth of 9% (EGP 82.2bn) net of currency appreciation. Local currency deposits increased by 8% (EGP 43.1bn), and foreign currency deposits grew by 10% ($790m). As of February 2025, CIB's deposit market share was 6.96%. Asset Quality Standalone non-performing loans accounted for 2.63% of the gross loan portfolio, covered 338% by the EGP 44.1bn loan loss provision balance. Impairment for credit losses saw a net release of EGP 346m in the first half of 2025, compared to a charge of EGP 2.06bn in the same period of 2024. Capital and Liquidity Total Tier Capital reached EGP 209bn, equivalent to 28.4% of risk-weighted assets by June 2025. Tier I capital stood at EGP 174bn, representing 83% of total Tier Capital. Liquidity remained well above regulatory requirements: the local currency liquidity ratio was 55.0% (regulator threshold: 20%) and foreign currency liquidity ratio was 74.0% (threshold: 25%). Net Stable Funding Ratio (NSFR) was 207% for local currency and 216% for foreign currency, while the Liquidity Coverage Ratio (LCR) was 530% for local currency and 407% for foreign currency—significantly above the Basel III requirement of 100%.
Mid East Info
4 days ago
- Mid East Info
NBO Offers Exclusive Benefits for Its Infinite Credit Cardholders - Middle East Business News and Information
MUSCAT, 21 July 2025 The National Bank of Oman (NBO) offers a range of exciting features for its Infinite Credit Cardholders, tailored for individuals seeking a unique combination of convenience, exclusivity, and meaningful rewards. Such cards provide exclusive discounts, milestone rewards, and exceptional privileges designed to complement a modern lifestyle. Commenting on the launch, Maha Al Raisi, Assistant General Manager and Head of Products at NBO, said: 'We are dedicated to deliver exceptional value to our customers by catering to their needs, and offering rewards and lifestyle benefits that elevate their everyday experiences. Our infinite credit card features include a 50% discount on Talabat that equals a saving of OMR 3 twice a month, exclusive complimentary parking at the Mall of Oman, additional chauffeur-driven airport rides, and milestone rewards featuring Shell V-Power vouchers. The Infinite Credit Card also offers an outstanding range of premium benefits, including 1% cashback on spends, unlimited airport lounge access with one guest, and multi-trip travel insurance for added peace of mind. Cardholders can also enjoy 50% off VOX Cinema tickets, with up to six tickets per month, including two Gold Class tickets, as well as 2-for-1 offers on Xperience with Entertainer. These exciting offers further enhance the card's privileges, reinforcing our commitment to being a trusted financial partner.'
