Sampath Bank Rs. 7 b debenture issue an overwhelming success

Tuesday, 17 November 2015 00:04 -     - {{hitsCtrl.values.hits}}

Sampath Bank’s unsecured subordinated redeemable debenture issue was successfully oversubscribed over its initial issue and closed on the opening day with a strong expression of investor confidence.

The issue received applications over the value of Rs.7.0 billion.  As this exceeded the initial 50 million debentures for over Rs. 5 billion, the bank decided to exercise the option to accept a further 20 million debentures issuing a total of 70 million debentures. The issue closed at 4.30 pm on the opening date (12 November 2015).

A Sampath Bank spokesman, commenting on the success of the issue, said: “We are pleased with the overwhelming response for this offering as it highlights positive investor confidence in our bank.”

Investors for the issue comprised individuals, corporates, trust funds, insurance funds and financial institutions.

Funds raised through this debenture will be utilised to strengthen the bank’s Tier II Capital and finance the asset growth of the bank.

Sampath Bank is a pioneer in providing innovative banking solutions to customers. The bank has played a prominent role in developing Sri Lanka’s retail banking, offering unique technology-oriented products and services such as internet banking, mobile banking and foreign currency ATMs.

Sampath Bank’s 224 branches countrywide cover all vital business areas in the country and its well-trained staff provide best-in-class service to its customers.

The bank’s achievements have been honoured locally and internationally and recognised amongst industry giants.