Sampath Bank to list $ 100 m debentures on S’pore Exchange

Monday, 9 July 2018 00:14 - - {{hitsCtrl.values.hits}}

Sampath Bank has decided to issue a Basel III compliant Tier 2 capital qualifying $ 100 million denominated debentures to be quoted on the Singapore Exchange Ltd.

The bank’s Board decided on this move at its meeting last week. The move is subject to all regulatory approvals.

To fuel its growth, last year Sampath Bank raised Rs. 7.6 billion by way of a Rights Issue, first in 12 years and a further Rs. 6 billion via Sri Lanka’s first BASEL III compliant debenture in December 2017. The bank also succeeded in securing a $ 100 million senior debt from China Development Bank in a landmark offshore deal with a five-year tenure. Early this year it raised Rs. 12.5 billion via another Rights Issue worth Rs. 12.5 billion and Rs. 7.5 billion via BASELIII-compliant debenture issue.

Sampath Bank, the third largest private sector commercial bank in terms of assets (Rs. 827 billion), outperformed the rest in its league by posting the best above industry average results in 2017.