Muscat: HSBC Bank Oman on Wednesday said that it is doubling the size of its International Growth Fund, which is focused on small and medium enterprises (SMEs) and was initially launched last year.
HSBC is committing an additional OMR20 million to Oman’s international and internationally aspirant SMEs, bringing the total value of the fund to OMR40 million. The fund continues to be open to new and existing importing and exporting customers who are based in Oman, and have cross-border trading requirements or aspire to grow internationally.
Announcing the launch, Iain Morrison, general manager and head of commercial banking, HSBC Bank Oman, said, “Last year, we launched this first fund of its kind in Oman in the knowledge that SMEs are critical to the future of Oman’s economy and that supporting their growth and prosperity is vital.”
“Today, we are reaffirming this commitment and are confident that the unique combination of our local knowledge and international expertise will continue to enable international and internationally aspirant SMEs in Oman to thrive,” he noted.
“Our initial fund has been allocated across a range of sectors, such as those supporting oil and gas, as well as construction and general trading, for example, foodstuffs,” added Morrison. The fund continues to be administered by HSBC Bank Oman’s business banking team.
“International and internationally aspirant SMEs play an important role and have a unique opportunity to increase their contribution to the local economy. Industry research reports that SMEs represent over 90 per cent of the total number of registered firms in Oman but the combined contribution to GDP (gross domestic product) is only around 15 per cent,” noted Daniel Felton, head of corporate and business banking for HSBC Bank Oman.
This, combined with the fact that 78 per cent of firms in Oman employ five people or fewer and therefore account for less than 10 per cent of total employment nationwide, demonstrates the opportunity that these businesses have to make a material contribution to the growth and diversification of the economy in Oman.”
“At HSBC Bank Oman, supporting SMEs is not just about financing. There are other solutions that a bank can offer, including cash management, corporate cards, online banking and more. In addition, and perhaps most importantly, educating SME owners and providing them with access to the right information is critical in helping them to achieve their growth ambitions,” added Felton.
“Our quarterly ‘Growth Series’ seminars have been very popular with our SME clients, helping to share useful industry information as well as providing direct access to industry experts,” he said.
HSBC Bank Oman provides access to a wide range of business products and services for SMEs through to large corporates. Corporate financing solutions, including trade, treasury, global payments and cash management, corporate credit cards, custody, clearing, and time deposits are available to more than 10,000 corporate clients across the county.
HSBC Bank Oman is part of a global network of 6,100 offices in over 72 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa.
