BOC boosts Rs. 2.1 b MBSL Rights Issue

BOC Chairman Kanchana Ratwatte

MBSL Chairman Dammika Hapuhinna

The Bank of Ceylon majority stake-owned Merchant Bank of Sri Lanka and Finance Plc (MBSL) has achieved a significant milestone by raising Rs. 2.1 billion through a Rights Issue. 

MBSL, since its inception in 1982, has had the backing of the banking giant, Bank of Ceylon, which is a major confidence booster for all stakeholders. BOC owns a 75% stake in MBSL.

“Bank of Ceylon is optimistic that with the successful completion of this rights issue, MBSL is now geared to assist the local industries in the evolving post-COVID scenario,” BOC said in a statement. 

With this capital infusion MBSL has achieved the required level of capital adequacy as stipulated by the Central Bank of Sri Lanka (CBSL) and is now well positioned to expand its business portfolio further. 

BOC Chairman Kanchana Ratwatte said that the synergies of the two large institutions would provide mutual benefits to the multitude of their valued customers. 

He also stated that the recent inclusion of experienced banker Dammika Hapuhinna in the management team would be an added impetus in the thrust forward for MBSL.