Sri Lanka’s Seylan Bank has secured a US $ 15 million, five-year funding line from the National Bank of Ras Al Khaimah (RAKBANK) of the United Arab Emirates (UAE). The bank in a statement said it would utilize the funds for general business development and portfolio growth in its Foreign Currency Banking Unit (FBCU). Alpen Capital (ME) Limited, an investment banking advisory firm, also based in the UAE, had acted as the sole financial advisor to the transaction. The loan agreement was signed in Dubai, UAE on November 27, 2016, in the presence of Seylan Bank Director/CEO Kapila Ariyaratne, Chief Risk Officer Ramesh Jayasekara, RAKBANK CEO Peter England, Alpen Capital Executive Chairman Rohit Walia and other senior management members from all parties involved.
RAKBANK CEO Peter England said, “We are pleased to have partnered with Seylan Bank to support their general expansion plan of the Foreign Currency Banking Unit. This long-term financing allows us to diversify our asset book into various geographies while introducing Seylan Bank to the region.” Commenting on the signing, Seylan Bank Director/CEO Kapila Ariyaratne said, “We are extremely pleased to sign up on this partnership as the bank’s first longterm financial agreement with the Middle East market, which reflects strong investor confidence in Seylan Bank’s operations and future growth potential.”