Sri Lanka’s NDB looking for strategic partnership with foreign investor for Rs. 6.2 billion rights issue
The National Development Bank (NDB) of Sri Lanka has last week reportedly stated it is keen to find a strategic partnership with a foreign investor for the upcoming Rights Issue to raise Rs.6.2 billion.
“We are considering in getting a strategic foreign investor partnership for the upcoming rights issue, and it will be good for both bank and country,” NDB Chairman Ananda Atukorala has reportedly told the Bank’s Investor Forum on financial results for the first half of 2018.
The Chairman has noted that with strategic foreign partnership is on its wish list, the Bank was already in discussions with several foreign investors, following participation at the Investor Forum organized by the Colombo Stock Exchange in Singapore this year.
According to Atukorala, the rights issue will enable the Bank to finance its capital necessities, in line with Basel III requirements, and its growth plans of becoming a Systemically Important Bank by 2020.
OSL take:
Official statistics have revealed the growth and strength of Sri Lanka’s banking sector. Many foreign banks have come forward to assist in raising large scale syndicated loans by local banks highlighting the level of confidence in Sri Lanka’s banking sector. Foreign businesses/investors looking at investing in Sri Lanka could now look at the possibility of entering the country through NDB’s rights issue.
| Article Code : | VBS/AT/07082018/Z_2 |