08 April 2011

Sri Lanka’s Bank of Ceylon Raises $175mn Syndicated Loan from Middle East & Asian Banks

08th April 2011, www.news360.lk

Sri Lanka’s Bank of Ceylon has raised US$ 175 million via a syndicated loan to finance its short term funding requirements and also for trade finance related needs.

The loan which was raised in the international market has been arranged by Mashreqbank PSC of Dubai.

Fifteen banks, predominantly coming from Gulf Corporation Council and Asia have subscribed to this issue.

Bank of Ceylon says, initially the plan was only to raise US$ 100 million, but it was increased to US$ 175 million owing to the huge demand from the buyers.

The state Bank issuing a statement said, “This is the first instance in which a Middle East based International Bank arranged a syndicated loan facility for Bank of Ceylon”.

Mashreqbank is one of the leading financial institutions in the United Arab Emirates and is listed in the Dubai Stock Exchange BOC says it was also able to tap a whole set of new investors through this syndication loan.

The loan agreement with the relevant banks has been signed yesterday at the Bank of Ceylon premises.

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