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| Thursday, 2 September 2004 |
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COMBank raises $ 35 million syndicated loan via SCB Commercial Bank of Ceylon and Standard Chartered Bank (SCB), yesterday signed an internationally syndicated loan facility of US $ 35 million for Commercial Bank. The mandated Lead Arranger Standard Chartered Bank successfully syndicated the 364-day facility, which was launched at US $ 25 million initially, and closed at US $ 50 million - a 100 per cent oversubscription that reflected the confidence commanded by the two banks in the international arena. Standard Chartered using their strong global presence and international debt market expertise was able to bring together an international syndicate of 12 banks, from markets and cultures as diverse as China, USA, the Middle East, South Asia and Europe. The other banks in the syndication, excluding SCB, are Al Ahli Bank of Kuwait, Arab Investment Company, BankMuscat, Commerzbank, the Export-Import Bank of China, Gulf Bank, Mashreqbank, National Bank of Kuwait, United Bank Limited, Union National Bank and Wachovia Bank. This is the first loan raised by Commercial Bank from international debt markets, and the Bank has decided to utilise US $ 35 million out of the US $ 50 million available, for general corporate purposes, SCB's Sri Lanka CEO Vishnu Mohan told a media briefing at the Galadari Hotlel yesterday. Mohan described the success of the initiative as a high point in a long standing relationship between the two banks. The Standard Chartered Bank, which has been in Sri Lanka for 112 years, held a 40 per cent stake in Commercial Bank up to 1997, and remains Commercial Bank's largest correspondent bank and number one partner for all international transactions, he said. "We believe our historical relationship and close business relations were two of the reasons Commercial Bank mandated Standard Chartered Bank to lead the syndication in a very competitive environment. We are very pleased to lead this deal into the market successfully and be a partner in Commercial Bank's growth," Mohan said. This syndicated loan is the most recent in the SCB's growing portfolio and underlines the success of the Bank's heightened emphasis on bringing its global expertise and a range of products to partner its customers. Commercial Bank Managing Director Amitha Gooneratne said the syndicated loan facility was extremely timely as it has come at a time when the country is in need of foreign exchange. "Commercial Bank is greatly encouraged by this vote of confidence from international markets at a time when there is an element of uncertainty in the global economic and political environment," Gooneratne said. "This is a boost not only for Commercial Bank, but also for the local banking and financial sectors as well. "John Iossifidis, Regional Head, Client Relationships, Wholesale Banking and Regional Head of Syndications of Standard Chartered Bank, Jonathan Ward were also present. |
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