Oman’s Largest Bank in GDR Offering; First Listing on LSE by Omani Company

Cleary Gottlieb represented BankMuscat and Citigroup Global Markets Limited in BankMuscat’s first offering of global depositary receipts. The offering, valued at approximately $163 million including the over-allotment option, was made to institutional investors outside Oman and to U.S. investors. The GDRs began trading on the London Stock Exchange on October 5, marking the first listing by an Omani company in the history of the LSE. It was also the first listing on the LSE by a bank of any Gulf Cooperation Council nation.

BankMuscat is the largest bank in the Sultanate of Oman, with approximately 90 branches and 1,700 employees. It also has a presence in India, Bahrain, Dubai and the United Arab Emirates.