NSB secures $ 35 m loan via two Indian banks

From left: NDB Investment Bank CEO Darshan Perera, Indian Overseas Bank Country Head Shameer, NSB Senior DGM K. Raveendran, Indian Bank CEO Basheer Ahamed, NSB GM/CEO Ajith Peiris, NSB DGM – Credit and International Banking Christine Jesudian, Alpen Capital (ME) Senior Director Dilip Samanthilake, and NDB Investment Bank COO Kaushini Laksumanage

National Savings Bank (NSB) yesterday announced it has recently raised a $ 35 million loan facility supported by Indian Bank and Indian Overseas Bank.

It said the excellent relationship that NSB enjoys with its banking partners has allowed NSB to access the international debt market at a competitive interest rate. The facility was arranged jointly by NDB Investment Bank of Sri Lanka and Alpen Capital of Dubai.

Having followed a transparent process, Indian Bank and Indian Overseas Bank were identified as the most appropriate international lending partners. NSB was able to leverage on its unique strengths of having a local credit rating of AAA (Ika) along with a strong financial and an operational track record of performance, in reaching a highly satisfactory agreement.

“We are delighted to announce that we have been successful in raising funds, especially during these difficult times. I would like to thank the funding banks for supporting our growth strategy and our advisors, NDB Investment Bank and Alpen Capital, for facilitating this transaction,” said NSB General Manager and CEO Ajith Peiris.

NSB is presently focused on an ambitious mid-term strategy targeting 2021 as part of diversifying its sources of finances to spearhead Government initiatives in critical post-COVID revival of enterprises and entrepreneurs in the country. This loan will provide much impetus in expanding the Bank’s Balance Sheet and steering it towards this goal. NSB is committed to the development of the country and its citizens, as a trusted financier with a track record nearing 50 years.