June 19, 2012 (LBO) – Sri Lanka’s Commercial Bank of Ceylon and Bank of America Merrill Lynch had clinched awards for the best bank and best foreign investment bank for Sri Lanka given by Finance Asia, a financial magazine. It also did a large equity investment banking deal arranging the sale of a stake worth over 100 million US dollars to Malaysia’s Khazanah Nasional Berhad, a sovereign wealth fund.
By March 2012, Commercial Bank had assets of 474 million rupees and is the country’s largest privately owned bank. It reported a gross non-performing loan ratio of 3.57 percent and capital adequacy of 12.74 percent.
Bank of America Merrill Lynch was named the best foreign investment bank for Sri Lanka.
Bank of America Merrill Lynch does not have an office in Colombo, but it has been active in Sri Lanka’s largest bond and investment banking deals with operations managed by Sharhan Mushin, its country officer.
It was involved in lead managing two billion dollar sovereign bond sales for Sri Lanka in 2011 and 2012 helped raise 500 million US dollars for state-run Bank of Ceylon two months ago.