Seylan gets US$15 million term facility from RAKBANK
View(s):Seylan Bank has successfully raised funds through a US$15 million, 5-year facility from the National Bank of Ras Al Khaimah (RAKBANK) of the UAE.
Alpen Capital (ME) Ltd, an investment banking advisory firm and also based in the UAE, acted as the sole financial advisor to the transaction.
Seylan Bank will utilise the funds for general business development and portfolio growth in its Foreign Currency Banking Unit (FBCU).
The loan facility was signed in Dubai, UAE on November, 27 in the presence of Kapila Ariyaratne (Director/CEO – Seylan Bank), Ramesh Jayasekara (Chief Risk Officer- Seylan Bank PLC), Peter England (CEO – RAKBANK), Rohit Walia (Executive Chairman – Alpen Capital) and other senior management members from all parties involved.
Peter England, RAKBANK CEO, 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.”
Kapila Ariyaratne, Chief Executive Officer of Seylan Bank said: “We are extremely pleased to sign up on this partnership as the bank’s first long term financial agreement with the Middle East market, which reflects strong investor confidence in Seylan Bank’s operations and future growth potential.”