NDB Investment Bank (NDBIB) has structured the first ever credit card receivables securitization transaction in the Sri Lankan capital market on behalf of Richard Pieris Distributors Limited (RPD).
The transaction involved securitising future credit card receivables of the selected Arpico Super Market outlets to raise more than Rs 1.0 billion over a five year period.
NDB Group Investment Banking Cluster CEO Vajira Kulatilaka said “NDBIB, as in the past has been able to introduce another innovative product to the capital market through the securitization of Credit Card Receivables for RPD”.
NDB Inv
estment Bank CEO Darshan Perera said “a lot of effort has been put in by the teams at NDBIB and RPD to make this transaction a reality and this product would be one of many products that would be introduced to the capital market in the near future.”
Richard Pieris Distributors Limited (RPD) operates the Arpico Super Market chain and the funds were raised to finance its retail expansions.
Popularity of supermarkets among modern day customers has been increasing in recent times due to the availability of a wide range of products, including groceries and general merchandise under one roof at an affordable price.
NDB Investment Bank Limited (NDBIB), acted as the structuring and placement agent t
o the transaction.The funds were raised through several investors including a consortium of Banks and Unit Trusts.
National Development Bank PLC acted as the Escrow Agent.
Image: NDB Bank CEO Russel de Mel and RPC Chief Operating Officer Pravir Samarasinghe exchange agreements.
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