16 July 2018 10:10 am
The National Development Bank PLC (NDB) has successfully negotiated a loan up to US $ 75 million, from Commerzbank Aktiengsellschaft, Germany recently.
Dubai-based Alpen Capital Limited was the lead arranger to this loan facility.
“Repayable in 42 months, the purpose of this loan is to be mobilized in NDB’s general banking business, without restrictions on any specific sector,” NDB said in a statement.
NDB is presently driven on an ambitious mid-term strategy targeting year 2020 with the goal to become a systemically-important private bank in Sri Lanka.
This loan from Commerzbank Aktiengsellschaft Germany is expected to provide much impetus in expanding the bank’s balance sheet and steering it towards this goal.
Commenting on this loan, NDB Director/ CEO Dimantha Seneviratne said the bank hopes to disburse these funds to customers at competitive rates.
He also said that NDB is glad to be a stakeholder of this facility, which saw a renowned foreign bank’s investment in Sri Lanka, and the influx of foreign currency in to the country.