Sri Lanka’s DFCC Bank enters in to partnership with Maldivian corporate for dual-tranche bilateral term loan
DFCC Bank PLC of Sri Lanka has reportedly entered in to a partnership with one of the oldest and most established corporate entities in the Maldives, the Cyprea Group of Companies, for a dual-tranche bilateral term loan, together with a trade finance and guarantee facility.
According to reports, this landmark transaction is the single largest bilateral deal arranged by DFCC Bank to date.
The new term loan was structured by the DFCC Bank to refinance existing term borrowings and meet key capital investments and related expenses of the Cyprea Group and the trade and guarantee facilities have been structured to support the Cyprea Group’s thriving energy and travel businesses.
Since commencing operations in 1978, the Cyprea Group has grown to become one of the largest and most respected corporate names in the Maldives.
The group’s interests have now diversified into many areas including travel and tourism, marine foods, energy, logistics and engineering.
DFCC Bank Director and CEO Lakshman Silva has been quoted as saying, “DFCC Bank is delighted to support and partner Cyprea Group in structuring and arranging this dual-tranche term loan, trade and guarantee facility. This transaction clearly demonstrates DFCC Bank’s capabilities in managing cross-border financing transactions. DFCC Bank continues to be a dominant force in Sri Lanka, and this transaction stands as a further testament to our ability in closing large transactions, and our strong and continued commitment to our stakeholders. Cross-border financing and key international connectivity will be key focus areas of the bank’s growth strategy.”
DFCC Bank Senior Vice President and Head of Corporate Banking Shamindra Marcelline has noted, “This landmark transaction is the largest-ever bilateral loan facility of the bank and clearly marks another significant achievement, especially given the significant challenges prevailing in the local and global financial markets. This transaction amply demonstrates the confidence placed by the bank in the Cyprea Group’s strong credit story.”
DFCC Bank Plc is a fully-fledged commercial bank in Sri Lanka offering the full range of commercial and development banking services.
OSL take:
The DFCC Bank’s agreement with the Maldivian corporate is indicative of the strength and growth of Sri Lanka’s private banking sector. The sound economic, especially the business centric policies of Sri Lanka have helped the country’s banking sector. Foreign businesses/investors could therefore confidently explore business opportunities in Sri Lanka given the strong banking sector that operates in the country.
| Article Code : | VBS/AT/20191127/Z_6 |