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Bank of Ceylon (BOC), the largest and most profitable Sri Lankan Commercial Bank in 2010, recently signed a one year Syndicated Loan Facility arranged by Mashreq bank Dubai for US$ 140 million. This is the second such facility arranged by Mashreq bank for BOC this year. This followed the Syndicated Loan Facility of US$ 175 million arranged in April 2011 and both these transactions were substantially oversubscribed. BOC continues to outperform the industry, turning in the financial results that have reinforced its position as one of the best performing banks in the country. The rating outlook of BOC was lifted up to AA+ (lka)/ Stable outlook by Fitch Ratings Lanka Limited, the highest ranked local bank by Fitch and Bankers Almanac.
The bank’s importance to the state, full state ownership, strong franchise and financial profile and its high systemic importance to the Sri Lankan banking sector has won the hearts of a whole set of new investors throughout this syndication. By September 2011, BOC has achieved the highest ever profit of Rs. 10.01 billion and its asset base reached a record of Rs. 779 billion, securing its leadership position in the market. The strong recognition augers well for its future dealings.
Mashreq bank is one of the leading financial institutions in the United Arab Emirates. It has a strong franchise in loan syndication anchoring the transaction in record time along with 10 banks including key partner banks such as Sohar Bank, Doha Bank, The ARAB Investment Company SAA-Wholesale Bank (Branch).
The strong strategic relationship between the two institutions will further be strengthened with this syndication. The purpose of the syndication is to utilize the proceeds to fulfill the short-term funding requirements and trade finance related needs of BOC. Both banks look forward to further expand the bilateral economic and trade relationships with the signing of this facility.
