6 October 2017 10:12 am
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.”