From left: Euromoney Editor Clive Horwood, NDBIB VP Corporate Advisory Nilendra Weerasinghe, NDBIB CEO Darshan Perera, NDBIB AVP Human Resources/Administration Fiona Rabot and Euromoney Asia Editor Chris Wright
Repeating its feat for the sixth consecutive year, NDB Investment Bank (NDBIB) was once again crowned as ‘Sri Lanka’s Best Investment Bank 2017’ by the prestigious Euromoney Magazine.
The award was presented at a gala event held at the Island Shangri-La Hotel in Hong Kong attended by regional and global heavyweights in the banking industry. This award has also propelled NDBIB as the winner of most consecutive awards by Euromoney in Sri Lanka.
Euromoney has been the leading publication covering international finance for almost 50 years. Euromoney’s Awards for Excellence attracted almost 1,500 submissions this year and is aimed at recognising the best financial services organisations via an intensely competitive selection process.
Following a record-breaking year in 2015, NDBIB managed to raise Rs.48 billion in 2016, in both debt and equity capital, despite the subdued market conditions, the second highest in terms of funds raised during a given year in the history of NDBIB. The performance assumed greater significance in light of the policy uncertainties in Sri Lanka and volatile global political events.
NDBIB continued its vigorous quest for innovation by introducing several new structures and products to the Sri Lankan capital markets. A case in point is the maiden introduction of a cornerstone tranche for an IPO in Sri Lanka in line with the best practices in regional markets. NDBIB CEO Darshan Perera stated, “Being awarded as the best in the country at what we do for six consecutive years is no small achievement. NDBIB has continuously sought out new challenges and avenues to express ourselves as the pioneers of innovation in the local capital market. I would like to extend my heartfelt thanks to our esteemed clientele who have placed their trust in us and been with us through this journey.”
Despite weak market conditions, NDBIB remained active across all business verticals maintaining its stature as the unparalleled leader and preferred investment bank for debt/equity capital raising, M&A and advisory deals in 2016. NDBIB raised Rs.31.5 billion via listed debentures and maintained its leadership position by retaining a market share of 37.4 percent in 2016. The highlight of the year was NDBIB’s innovative introduction of a structured debt product for the Laugfs group raising Rs.4 billion.
NDBIB was also active in the M&A sphere acting as the financial advisor to Mobitel in its maiden acquisition, E-Channelling and entry into the fast-growing e-healthcare space. NDBIB structured the acquisition and also managed the voluntary offer by Mobitel to the shareholders of E-Channelling.
Amidst limited equity market activity, NDBIB’s expertise was sought by Sanasa Development Bank on a fundraising via a private placement that comprised equity, convertible debt and senior debt. Two Development Finance Institutions (IFC and FMO) and SBI FMO Emerging Asia Financial Sector Fund committed to participate in the fundraising of US $ 23 million. NDBIB COO Kaushini Laksumanage commented, “This is the perfect reward for the dedication and hard work put in by our very talented team. Over the years we have undoubtedly been blessed with amazing personalities that have driven us to where we are today.”
NDBIB’s advisory expertise was sought by the Silvermill Group of Companies and Citrus Leisure Group to carry out restructuring exercises whilst NDBIB managed the share repurchases by four companies belonging to the Carson Cumberbatch group, which amounted to over Rs.13 billion, the largest ever share repurchase in Sri Lanka by a group.
NDBIB’s corporate advisory arm was also actively involved in other capital market transactions, which included advising clients from sectors such as banking and finance, telecommunication and real estate on valuations, fundraisings, mergers and acquisitions transactions, delistings and scrip dividend issues.
In 2016, NDBIB also made a leap in broadening its regional presence by being mandated via a competitive process as sole financial advisor to manage the IPO of the Maldivian subsidiary of the Global Telco Ooredoo, which was successfully completed in 2017. The transaction saw NDBIB become the first Sri Lankan investment bank to manage a foreign IPO.
The corporate culture at NDBIB is based on maintaining the highest ethical standards with honesty and integrity as its hallmarks. NDBIB adheres to strict compliance and ethical guidelines, including the CFA Code of Conduct, an internal policy framework for compliance and industry best practices.
With NDB Capital Bangladesh also being awarded ‘Bangladesh’s Best Investment Bank 2017’, NDB Investment Banking Cluster has maintained its record for the third time by being the only local investment-banking group in Asia to be named as the Best Investment Bank simultaneously in two countries.
NDBIB is the investment banking subsidiary of NDB Capital Holdings, the largest full-service investment banking group in the country holding a complementary business portfolio consisting of fee-based and fund-based investment banking, wealth management, managing private equity and stockbroking.