The National Savings Bank (NSB) raised a USD 35 million loan facility recently, supported by Indian Bank and Indian Overseas Bank.
The facility was arranged jointly by NDB Investment Bank of Sri Lanka & 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 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 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 & Alpen Capital, for facilitating this transaction,” said National Savings Bank 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.
NDB Investment Bank and Alpen Capital (ME) Ltd., acted as the sole financial advisors to the transaction. Alpen Capital (ME) Ltd. is incorporated as a limited liability company in the Dubai International Financial Centre, Dubai, United Arab Emirates and is licensed by the Dubai Financial Services Authority.