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Pan Asia Bank said new funding lines are to drive growth amongst the Bank’s micro, small and medium enterprise customers
Cementing its reputation as a valued partner for global Foreign Financial Institutions (FFIs), Pan Asia Bank was successful in finalising approximately $ 25 million (equivalent to Rs. 5 billion) senior debt lines from reputed European-based FFIs recently.
Further, $ 35 million funding lines, equal to approximately Rs. 6.8 billion will be extended by few other leading FFIs in the coming months to drive growth amongst the Bank’s Micro, Small and Medium Enterprise (MSME) clientele. This achievement is all the more commendable as it comes amidst a global pandemic when the competition for funding is intense globally.
Commenting on the accomplishment, Pan Asia Bank Deputy General Manager – Treasury Richie Dias said: “We are privileged to be one of the few Sri Lankan banks to be chosen by the globally respected FFIs to extend medium term funding lines closer to $ 25 million and this reflects the financial strength, stability, good governance and the Bank’s prudent futuristic strategies. These partnerships were facilitated by TSW Capital Services, a leading financial advisory institution based in India.”
He said Pan Asia Bank has performed exceptionally well in the year 2020 by surpassing the Rs. 2 billion milestone in Profit After Tax. In 2021, the Bank has already recorded the best-ever first quarter results amidst challenging times with Profit After Tax soaring by 81% to post Rs. 750 million.
“Before this new funding arrangement, Pan Asia Bank had already raised $ 100 million worth of funding lines from reputed FFIs for long- and medium-term tenures. Securing the new funding lines at such a challenging time is a testimonial to Pan Asia Bank’s growing respect in regional and global banking circles and the trust placed in us by FFIs worldwide,” Dias added.
Forging ahead on its green journey, PABC became the first Sri Lankan bank to partner with the Switzerland-based Symbiotics for its first green bond issuance in 2020. These initiatives led PABC to be awarded as the ‘Best Green Bank’ accolade by the prestigious Global Banking and Finance Review Awards 2020, for demonstrating expertise and excellence within the global financial community. The Bank was awarded the ‘Fastest Growing Commercial Bank Sri Lanka 2021’ and ‘Best Treasury and Cash Management Bank’ Sri Lanka 2021 at the International Business Magazine Awards.
Positioned as the Truly Sri Lankan Bank, Pan Asia Bank supports MSMEs at the grassroots partnering them to prosperity through green financing. Pan Asia Bank believes that extending green funding will create the perfect opportunity to generate long term sustainable economic benefits to uplift the living standards of people by creating cost-efficient energy solutions for businesses and employment, while also preserving the environment by promoting renewable energy.
Pan Asia Bank, with its island-wide network of 85 branches, identifies deserving projects island wide. Under the guidance of the Development Banking Division of Pan Asia Bank, a few of recent such engagements are papaya cultivation projects at Beragama village within the Ambalantota Divisional Secretariat, using novel methodologies with Drip Irrigation solutions since it lies in the dry zone. The Bank also arranged for cultivators to sign Forward Sales Agreements with the main buyer exporting hard green papaya to Middle-Eastern countries.
Further, the Bank has also assigned a dedicated Micro Finance Officer, attached to its Monaragala Branch, to establish relationships between the farmers and other stakeholders.
In its latest green lending initiative, Pan Asia Bank has provided irrigation facility to sugarcane farmers in Monaragala in partnership with Lanka Sugar Company Pelwatte – to set up a modern irrigation system along with energy efficient practices in great extent through the proposed irrigation system to improve productivity and yield.
