National Savings Bank achieves milestone in international funding of $ 100 m

Wednesday, 7 November 2018 01:37 - - {{hitsCtrl.values.hits}}

NSB General Manager/CEO S.D.N. Perera (right) exchanges the agreement with Commerzbank Managing Director/Head of FIC Sales MENA and Indian Sub-Continent Deep Sitlani. Others from left are NDB Investment Bank Director/CEO Darshan Perera, Commerzbank Managing Director Mohammed Lawal, Commerzbank Fixed Income Sales Middle East Avinash Bathija, NSB Deputy General Manager (Credit) Christine S. Jesudian, Alpen Capital (ME) Senior Directors Sharmin Karanjia and Dilip Samanthilaka and Executive Chairman Rohit Walia

National Savings Bank has announced that it has recently raised a $ 100 million loan facility supported by Commerzbank AG.

The excellent relationship that NSB enjoys with its banking partners has allowed NSB access to a competitive interest rate despite the current global trend of interest rate increases. The facility was arranged jointly by Alpen Capital of Dubai and NDBIB of Sri Lanka.

The funds were required as part repayment of $ 750 million which NSB borrowed from international markets in 2013 through an international bond issuance.

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

NSB’s total capital adequacy ratio as at 30 September stands at 13.79% with an asset base of over Rs. 1 trillion. Its NPA ratio is also highly commendable at below 1.7%.

Commerzbank is a leading international commercial bank with branches and offices in almost 50 countries. In the two business segments private and small business customers and corporate clients, the bank offers a comprehensive portfolio of financial services which is precisely aligned to its clients’ needs.

Commerzbank finances approximately 30% of Germany’s foreign trade and is the leading finance provider for corporate clients in Germany. Due to its in-depth sector know-how in the German economy, the bank is a leading provider of capital market products.

Its subsidiaries Comdirect in Germany and mBank in Poland are two of the world’s most innovative online banks. With approximately 1,000 branches, Commerzbank has one of the densest branch networks among German private banks.

In total, Commerzbank serves more than 18 million private and small business customers, as well as more than 60,000 corporate clients, multinationals, financial service providers, and institutional clients. The bank, which was founded in 1870, is represented at all the world’s major stock exchanges. In 2017, it generated gross revenues of €9.1 billion with approximately 49,300 employees.