Seylan secures a USD 15 mln term facility from UAE

Nov 30, 2016 (LBO) - Seylan Bank has successfully raised a 5-year 15 million US dollar facility from the National Bank of Ras Al Khaimah (RAKBANK) of the United Arab Emirates, the bank said in a statement. Alpen Capital (ME) Limited, an investment banking advisory firm, also based in the UAE acted as the sole financial advisor to the transaction. "Seylan Bank will utilize the funds for general business development and portfolio growth in its Foreign Currency Banking Unit (FBCU)," a statement said. The loan facility was signed in Dubai, UAE on 27th November by Kapila Ariyaratne, Director/CEO, Seylan Bank, Ramesh Jayasekara, Chief Risk Officer, Seylan Bank, Peter England, CEO, RAKBANK, Rohit Walia, Executive Chairman – Alpen Capital, and other senior management members. “We are pleased to have partnered with Seylan Bank to support their general expansion plan of the Foreign Currency Banking Unit. This long term financing allows us to diversify our asset book into various geographies while introducing Seylan Bank to the region,” Peter England, RAKBANK CEO, said.

Commenting on the signing, Kapila Ariyaratne, Chief Executive Officer of Seylan Bank said: “We are extremely pleased to sign up on this partnership as the Bank’s first long term financial agreement with the Middle East market, which reflects strong in investor confidence in Seylan Bank’s operations and future growth potential.” RAKBANK is one of UAE’s oldest financial institutions -- founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. The Bank also offers Islamic Banking solutions, via RAKBANK AMAL, throughout its 35 branches and its Telephone, Online, and Mobile Banking channels.

RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX).