Seylan Merchant Bank is raising up to Rs. 200 mn in debt to feed its growing leasing business

Seylan Merchant Bank (SMB) is raising up to Rs. 200 mn in debt to feed its growing leasing business. Seylan Merchant Bank (SMB) is raising up to Rs. 200 mn in debt to feed its growing leasing business. The four-year unlisted debenture will open for subscription from Sept. 8 to Dec. 31., the bank said Monday.

The issue carries varying rates of interest starting from 13.0 percent (annual), to 12.5 percent (monthly).

SMB tapped the market in February to raise Rs. 100 mn in debt. The issue was sold through SMB’s branch network.

Incorporated in October 1992 as a member of Ceylinco Consolidated, Seylan Merchant Bank Limited is registered by the Central Bank of Sri Lanka as Registered Finance Leasing Establishments under the Finance Leasing Act No. 56 of 2000. Its subsidiaries include Seylan Merchant Leasing Limited, SMB Real Estate (Pvt) Ltd., and SMB Money Brokers (Pvt) Ltd.