Seylan Bank has successfully raised funds in the Middle East by the strength of its banking operations and impressive track record to establish a 15 Million, 5 year US dollar facility from the National Bank of Ras Al Khaimah (RAKBANK) of the United Arab Emirates (UAE). 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).
The USD 15 million 5 year loan facilities was signed in Dubai, UAE on 27th November, 2016 in the presence of Mr. Kapila Ariyaratne (Director/CEO – Seylan Bank), Mr. Ramesh Jayasekara (Chief Risk Officer- Seylan Bank PLC), Peter England (CEO – RAKBANK), Mr. Rohit Walia (Executive Chairman – Alpen Capital_) and other senior management members from all parties involved.
Peter England, RAKBANK CEO, said: “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.”
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, also known as the National Bank of Ras Al Khaimah, is one of the UAE’s oldest and most dynamic 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. In addition to offering a wide range of retail banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. 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).