National Savings Bank raises international funding of $35 Mn

The National Savings Bank (NSB) has recently raised a US$35 million loan facility supported by Indian Bank & Indian Overseas Bank, a NSB media release revealed.

The relationship that NSB enjoys with its banking partners has allowed NSB to access the international debt market at a competitive interest rate. The facility was arranged jointly by NDB Investment Bank of Sri Lanka& Alpen Capital of Dubai.

Indian Bank & Indian Overseas Bank has been identified as the most appropriate international lending partners, the NSB announced. 

It was able to leverage on its unique strengths of having a local credit rating of AAA (Ika) along with a strong financial and an operational track record of performance, in reaching a highly satisfactory agreement.

“The bank has been successful in raising funds, especially during these difficult times and the NDB Investment Bank & Alpen Capital, for facilitating this transaction,” said NSB General Manager / CEO Ajith Peiris.

NSB is presently focused on an ambitious mid-term strategy targeting 2021as part of diversifying its sources of finances to spearhead Government initiatives in critical post-COVID revival of enterprises and entrepreneurs in the country.

NDB Investment Bank &Alpen Capital (ME) Ltd., acted as the sole financial advisors to the transaction. The duo also supported NSB in obtaining a $100 million loan facility in 2018.

It is the market leader for investment banking in Sri Lanka with over 23 years of operating history, offering an array of financial products and services in the areas of debt and equity structuring and distribution, mergers and acquisitions, and corporate advisory services. (BS)