- Published on Friday, 10 August 2012 10:45
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Bank of Ceylon (BOC) signed an Agreement for a syndicated loan facility of USD 190 Million where Mashreqbank PSC Dubai acted as the Co-ordinator, Mandated Lead Arranger (MLA) and Bookrunner along with Commercial Bank of Qatar, Doha Bank and Indian Bank, Singapore Branch (each as MLA and Bookrunner) and Bank Muscat (as MLA). A total of 13 banks participated in the oversubscribed syndicated deal. This was originally planned for USD 100 Million but upsized due to heavy demand.
Mashreqbank is one of the prominent financial institutions in the United Arab Emirates. They previously arranged two similar facilities for BOC amounting to USD 175 Million in April 2011 and USD 140 Million in December 2011. Following BOC’s hugely successful USD 500 million capital market debut issuance, this syndicated loan deal is yet another testimony to BOC’s creditworthiness reflecting the strong image already built up by BOC in the global arena.
BOC continued to maintain No.1 position in terms of assets, gross advances, deposits and profit. BOC achieved another milestone by being the first bank in Sri Lanka surpassing asset base over Rs. One Trillion in May 2012. BOC is the first Sri Lankan Bank to raise funds through International Bond Market. The unprecedented performance of BOC in the financial market boosts BOC’s image in to greater heights attracting the confidence of global financial institutions.
With this syndication, the powerful strategic relationship between Mashreqbank and BOC would further enhance opening the path for successful future dealings. Both banks look forward to further expand the bilateral economic and trade relationships with the signing of this facility.
The proceeds of the syndication would be utilized for the fulfilment of the short term funding requirements and trade finance related needs of BOC.
The Senior Representatives of Mashreqbank (Mr. John Iossofidis, Head of International Banking Group) along with Chairman, (Dr Gamini Wickramasinghe), General Manager (Mr. K Dharmasiri), Deputy General Manager, International and Treasury (Mr. P A Lionel) and the Senior Management of BOC participated in the signing ceremony held at Bank of Ceylon Head Office premises.