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People's Merchant Bank raises Rs.150m for People's Leasing Co.

People's Merchant Bank Ltd. (PMBL) recently structured and placed securitised notes to the value of Rs. 150 million on behalf of People's Leasing Co. (PLC) Funds raised through this placement will provide PLC with a hedge against exposure to liquidity mismatches and interest rates fluctuations.

PLC will utilise these funds to further augment its long-term fund base and pursue its aggressive growth strategy.

The entire issue of Rs. 150 million. was taken up by the Hatton National Bank. Deutsche Bank AG acted as Trustee to the Issue. This issue is the fourth in a series of securitised notes issued by PLC.

The total value of these issues amounted to Rs. 1.5 billion which were placed with several leading financial institutions. "PLC's impeccable reputation among financiers and the confidence placed in its strong management team, assisted us in our endeavour", a PMB spokesman said.

Considered a leader in leasing and hire purchase, PLC's total portfolio of leased assets amounts to over Rs. 6.0 billion. It has a wide geographical coverage in the island with 10 branches in operation at present.

PLC has invested in new business to the value of Rs. 1.0 billion consecutively during the last four years ending March 31, 2002. Investment in new business for the ten months ending January 31, 2003, exceeded Rs. 3.0 billion. PLC is a subsidiary of the People's Bank, one of the leading state banks in the island.

PMB has featured prominently in several key debt placements that took place recently. The key shareholders of People's Merchant Bank include, People's Bank, Hatton National Bank, DFCC Bank and Southbridge Capital Investments (Sri Lanka) Ltd.

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