Government-owned Dubai World requested a payment standstill on November 25 for US$3.52 billion worth of Islamic bonds maturing this month as it looks to restructure US$26 billion worth of debt.
Bank Muscat, Oman's largest lender by market value, said it had US$50 million in exposure to a syndicated loan from the group, the biggest of three exposures, which was still fairly limited compared to other regional and international banks
Bank Muscat shares closed 6.2 per cent down at 0.77 rials a share, having traded as low as 0.75 riyals yesterday.
Both Bank Muscat and Bank Sohar said their loans were still being serviced.
National Bank of Oman, the country's third largest bank fell 5 per cent after it said it had US$22.6 million of exposure, while the fifth largest bank. Bank Dhofar, Oman's second largest bank, jumped 10 per cent on thin volume, after it said it had no exposure.
Oman International Bank and Ahli Bank also said they had no exposure.
Oman's central bank governor said yesterday there was no need to require local banks to book provisions for exposure to Dubai World debt as their exposure was not related to loans under restructuring.
The US$77 million exposure announced by the country's top three banks early yesterday represented "about the total" exposure of the sultanate's banking system, Hamood Sangour al-Zadjali told Al Arabiya television.
"There will be no surprises..." he said.
The debt was not part of the US$26 billion debt the group was restructuring, he added.
Link: http://www.btimes.com.my/Current_News/BTIMES/articles/omaex/Article/
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