The International Finance Corp (IFC) has offered a US$ 10 mn term loan facility to strengthen Commercial Banks lending portfolio.
ldblquote We are finalising the terms and conditions, and the funds will go towards our medium-term dollar loans and other foreign currency lending facilities,
dblquote Commercial Banks DGM, Ranjith Samaranayake told LBO. rn
rnSri Lankas largest private bank saw its loan book grow by 28 percent in 2002, despite falling interest rates.rn
rnThe bank, which accounts for the largest corporate client base could not leverage much on the declining interest rate scenario, as its customers were only willing to borrow at lower rates. rn
rnIf the loan materialises, analysts expect the bank to aggressively market its trade finance arm.rn
rnIFC earlier offered to provide a bridging loan to enable Commercial Bank to buyback 5 percent of its shares from SLIC.rn
rnIFC is in the process of acquiring 15 percent of Commercial Banks shares from SLIC at Rs. 165. The memorandum of unde