Mon, 21 Jun 2021 Today's Paper

Sampath Bank’s off-shore banking unit funds hotel project in Myanmar

6 October 2017 10:12 am - 0     - {{hitsCtrl.values.hits}}

A A A

Sampath Bank PLC Managing Director Nanda Fernando handing over the Letter of Offer to Family Business Group Hotel Limited Chairman/Managing Director Aung Than. From left: Sampath Bank PLC’s Myanmar Representative Office Manager Lakkhana Gunaratne, Sri Lanka’s Ambassador to Myanmar Nimal Karunaratne, Family Business Group Hotel Limited Director Myint Lwin and Family Business Group Hotel Limited Director/Chief Executive Officer (CEO) KoKo Latt

 

 

Sampath Bank PLC this week announced that it had successfully concluded a loan transaction with Yango-based hotel developer Family Business Group Hotel Limited (FBGHL), Myanmar.


This loan marks yet another giant stride in the steady rise of the bank’s off-shore business which has funded several projects abroad. The loan is to fund a 12-storey, 375-room, 5-star hotel overlooking the great Inya Lake, a famous location for romance in popular culture, being developed by the company (FBGHL) in partnership with a leading international 
hotel chain.

The move also makes Sampath Bank the first Sri Lankan bank to have closed a transaction of this magnitude in Myanmar.


Sampath Bank established its representative office in Myanmar in October 2015. It is located within the modern office complex in the Novotel Hotel Max in Yangon’s Kamayut Township. 


Facilitating finances for Sri Lankan business entities in Myanmar and offering assistance with regulatory and legal clearances for potential Sri Lankan investors have been the priority projects of the Bank’s Foreign Currency Banking Unit (FCBU) in this market. Sampath Bank PLC Managing Director Nanda Fernando took part in the formal agreement signing ceremony held in Yangon, recently.  Sri Lanka’s Ambassador to Myanmar Nimal Karunaratne, Family Business Group Hotel Limited Chairman/Managing Director Aung Than, Family Business Group Hotel Limited Director/Chief Executive Officer (CEO) KoKo Latt, Sampath Bank PLC’s Myanmar Representative Office Manager Lakkhana Gunaratne and representatives of Family Business Group Hotel Limited were also present at this event. Commenting on this partnership Sampath Bank Managing Director Nanda Fernando said: “We are proud to be the first Sri Lankan bank to have successfully completed such a large value transaction in Myanmar, a market we see great potential in. As we continue to support the financial requirements of Sri Lankan companies who are operating in Myanmar, we look forward to working closely with local businesses and to partner with other stakeholders in the market to help establish Sampath Bank as a trusted financial service provider in Myanmar.”

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment


GSP+: Isn’t there a way out?

The European Parliament’s resolution on Sri Lanka on June 10 was the second

Is Litro Gas above the regulator?

After an in-house battle among members of the top management of the Consumer

Statistical blunders expose administrative weaknesses

Information helps save lives and during a pandemic a free-flow of vital, accu

Vavuniya tusker’s demise DID TOO MANY ‘COOKS’ SPOIL JUMBO’S RECOVERY?

On June 11 Sri Lanka lost another one of its magnificent tuskers that succumb



See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.