Karachi, June 29, 2010: JCR-VIS Credit Rating Company Limited has reaffirmed the entity ratings of Oman International Bank S.A.O.G. – Pakistan Branches (OIBP) at ‘BBB/A-2’ (Triple B/A-Two) with a ‘Stable’ outlook.

The assigned ratings take into account prominent position of Oman International Bank S.A.O.G (OIB) in the financial industry of the Sultanate of Oman. At the end of FY09, the bank reported equity of about USD 445m. The branch operations in Pakistan are presently non-compliant with the State Bank of Pakistan’s minimum capital requirement. However, the management has informed the central bank regarding keenness of the head office to comply with the capital requirement through injection of funds by the end of FY10.

Over the years, scope of operations has remained limited and the bank is currently suffering losses on its core operations. Liquid reserves of the bank have also remained constrained with core capital of OIBP placed in a non-remunerative account and not available for routine liquidity requirements. Going forward, a coherent business strategy, including resource mobilization, is required.

For further information on this rating announcement, please contact the undersigned (safdar@jcrvis.com.pk) or Ms. Sobia Maqbool (sobia@jcrvis.com.pk) at (+92-21) 35311861 or fax to (+92-21) 35311873.




Safdar Kazi
Director

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS Credit Rating Company Limited is paid a fee for most rating assignments. This rating is an opinion on credit quality only and is not a recommendation to buy or sell any securities. Copyright 2010 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS Credit Rating Company Limited.