DFCC Bank partners Cyprea Group in Maldives to structure largest loan facility to date

Wednesday, 27 November 2019 01:37 - - {{hitsCtrl.values.hits}}

DFCC Bank CEO Lakshman Silva handing over a memento to mark the occasion to Cyprea Group Chairman Abdulla Saeed. They are flanked by (from left) Cyprea Group CFO Anuradha Hettiarachchi, Cyprea Group Director BandhuI Saleem, DFCC Senior Vice President Shamindra Marcelline and Shah Hussain and Company Senior Partner Shuaib M. Shah

DFCC Bank PLC recently entered a breakthrough partnership with one of the oldest and most established corporate entities in the Maldives, the Cyprea Group of Companies, for a dual-tranche bilateral term loan, together with a trade finance and guarantee facility.

This landmark transaction is the single largest bilateral deal arranged by DFCC Bank to date.

The new term loan was structured by DFCC Bank to refinance existing term borrowings and meet key capital investments and related expenses of the Cyprea Group. The trade and guarantee facilities were structured to support the Cyprea Group’s thriving energy and travel businesses.

Since commencing operations in 1978, the Cyprea Group has grown to become one of the largest and most respected corporate names in the Maldives. Today, the group’s interests have diversified into many areas including travel and tourism, marine foods, energy, logistics and engineering.

DFCC Bank Director and CEO Lakshman Silva commented: “DFCC Bank is delighted to support and partner Cyprea Group in structuring and arranging this dual-tranche term loan, trade and guarantee facility. This transaction clearly demonstrates DFCC Bank’s capabilities in managing cross-border financing transactions. DFCC Bank continues to be a dominant force in Sri Lanka, and this transaction stands as a further testament to our ability in closing large transactions, and our strong and continued commitment to our stakeholders. Cross-border financing and key international connectivity will be key focus areas of the bank’s growth strategy.”

DFCC Bank Senior Vice President and Head of Corporate Banking Shamindra Marcelline stated: “This landmark transaction is the largest-ever bilateral loan facility of the bank and clearly marks another significant achievement, especially given the significant challenges prevailing in the local and global financial markets. This transaction amply demonstrates the confidence placed by the bank in the Cyprea Group’s strong credit story.”

DFCC Bank Plc is a fully-fledged commercial bank offering the full range of commercial and development banking services. The bank was also ranked amongst Business Today’s Top 30 businesses in Sri Lanka and was placed in 25th position in Brand Finance’s Top 100 Most Valuable Brands 2019. DFCC Bank is rated AA- (lka) by Fitch Ratings Lanka Ltd.