Seylan secures a $ 15 million term facility from RAKBANK

Tuesday, 29 November 2016 00:06 - - {{hitsCtrl.values.hits}}

Seylan Bank has successfully raised funds in the Middle East through the strength of its banking operations and impressive track record to establish a $ 15 million, five-year facility from the National Bank of Ras Al Khaimah (RAKBANK) of the United Arab Emirates (UAE).

Alpen Capital (ME) Ltd, an investment banking advisory firm also based in the UAE, acted as the sole financial advisor to the transaction.

Seylan Bank will utilise the funds for general business development and portfolio growth in its Foreign Currency Banking Unit (FBCU).

RAKBANK CEO Peter England (left) and Seylan Bank CEO Kapila Ariyaratne

The $ 15 million, five-year loan facilities were signed in Dubai on 27 November in the presence of Seylan Bank Director/CEO Kapila Ariyaratne, Seylan Bank Plc Chief Risk Officer Ramesh Jayasekara, RAKBANK CEO Peter England, Alpen Capital Executive Chairman Rohit Walia and other senior management members from all the parties involved.

“We are pleased to have partnered with Seylan Bank to support their general expansion plan of the Foreign Currency Banking Unit.

This long-term financing allows us to diversify our asset book into various geographies while introducing Seylan Bank to the region,” said England.

Commenting on the signing, Ariyaratne said: “We are extremely pleased to sign up on this partnership as the bank’s first long-term financial agreement with the Middle East market, which reflects strong on investor confidence in Seylan Bank’s operations and future growth potential.”