NDB seeks strategic foreign investor for Rs.6.2 b Rights Issue

Thursday, 2 August 2018 00:00 - - {{hitsCtrl.values.hits}}

National Development Bank (NDB) on Tuesday said 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 told the Bank’s Investor Forum on financial results for the first half of 2018.

With strategic foreign partnership is on its wish list, Chairman added that the Bank was already in discussions with several foreign investors, following participation at the Investor Forum organised by the Colombo Stock Exchange in Singapore this year.

Atukorala said the rights issue will enable the Bank to finance its capital necessities, in line with Basel III requirements, and its ambitious growth plans of becoming a Systemically Important Bank by 2020. (CdS)