Sampath Bank Off-Shore Banking Unit funds hotel development project in Myanmar

Friday, 6 October 2017 00:00 - - {{hitsCtrl.values.hits}}

Sampath Bank PLC, a pioneer in introducing revolutionary financial solutions with a strong footing in the Sri Lankan market, announced that it had successfully concluded a loan transaction with Yangon based hotel developer Family Business Group Hotel Ltd. (FBGHL), Myanmar.

This loan marks yet another giant stride in the steady rise of the bank’s off-shore business which has funded several projects abroad. The loan is to fund a 12 storey, 375 room, five-star hotel overlooking the great Inya Lake, a famous location for romance in popular culture, being developed by the company (FBGHL) in partnership with a leading international hotel chain. The move also makes Sampath Bank the first Sri Lankan bank to have closed a transaction of this magnitude in Myanmar.

Sampath Bank had established its representative office in Myanmar in October 2015.It is located within the modern office complex in the Novotel Hotel Max in Yangon’s Kamayut Township. Facilitating finances for Sri Lankan business entities in Myanmar and offering assistance with regulatory and legal clearances for potential Sri Lankan investors have been the priority projects of the Bank’s Foreign Currency Banking Unit (FCBU) in this market.

Sampath Bank PLC Managing Director Nanda Fernando took part in the formal agreement signing ceremony held in Yangon, recently. Nimal Karunaratne, Sri Lanka’s Ambassador to Myanmar, Aung Than, Chairman/Managing Director, Family Business Group Hotel Ltd., KoKoLatt, Director/Chief Executive Officer (CEO), Family Business Group Hotel Ltd., Lakkhana Gunaratne, Manager, Myanmar Representative Office, Sampath Bank PLC and representatives of Family Business Group Hotel Ltd. were present at this event.

Commenting on this partnership, Sampath Bank PLC’s Managing Director Nanda Fernando said, “We are proud to be the first Sri Lankan Bank to have successfully completed such a large value transaction in Myanmar, a market we see great potential in. As we continue to support the financial requirements of Sri Lankan companies who are operating in Myanmar, we look forward to working closely with local businesses and to partner with other stakeholders in the market to help establish Sampath Bank as a trusted financial service provider in Myanmar.”