Oman Orix Leasing Company, one of the leading non-banking finance companies (NBFCs) in Oman, said it has successfully raised $25 million bilateral term facilities from regional banks, to fund its leasing finance business.

The term facilities were provided by Bahraini lender BBK and the National Bank of Ras Al Khaimah (Rakbank), while Alpen Capital Oman acted as the sole financial advisor to the transaction.

Prasenjit Mandal, the department head (Institutional Banking) at BBK signed the deal with Oman Orix CEO Shahin Mohammed Ahmed Al Balushi along with other senior executives from both organisations and Alpen Capital.

A similar ceremony was held at the Capital Club in DIFC where Sunil Pherwani, the general manager at, Oman Orix, signed the deal with Rakbank CEO Peter England in the presence of Rohit Walia, the executive chairman, Alpen Capital along with other senior company officials.

On the key agreements, Al Balushi said: "We would like to use this opportunity to extend our gratitude to all parties involved in making this transaction a success and supporting us in our growth objectives. We have made it a priority to diversify our funding sources and I am glad that we were able to establish new banking relationships in the region through this transaction."

"We are proud to be associated with this transaction and happy to support Oman Orix with its growth strategy," remarked Siraj Bhavnagarwalla, the managing director at Alpen Capital, Oman.

"Their strong track record and reputation have played an important role in helping us execute this transaction seamlessly and place it successfully with regional banks," he stated.

England said as a leading Emirati lender Rakbank was pleased to provide fund to Oman Orix for its leasing finance business.

"With a focus on financial institutions business, this medium-term financing will help us progress into NBFCs within the GCC region and will assist in diversifying our asset book," he added.-TradeArabia News Service