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| Tuesday, 14 September 2004 |
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HDFC, Citibank NA in Rs. 500 million securitisation deal by Sudarshana Perera Housing Development and Finance Corp (HDFC) signed an agreement with Citibank NA for a Rs 500 million syndicated securitisation deal yesterday for the first time in Sri Lanka. Citibank of India in association with Citibank in Sri Lanka will act as the manager for the securitisation. State housing finance giant, HDFC thorough this new move is targeting to scale up loan portfolios while doubling their turnover level. This is in addition to the share issue that the bank will soon venture into. CEO of HDFC S A Sarathchandra told the Daily News that according to the agreement Citibank NA will act as structurer, distributor and placement agent for the issue and added that the new agreement would give them further muscle to increase its housing financing business in Sri Lanka. Sarathchandra said that the new arrangement will also help develop the national debt market in Sri Lanka which has not been expanded He said that HDFC will also go for another share issue soon to raise more capital and the State housing finance giant will introduce more loans that would help improve the sheltering needs of the people. Elaborating on the transaction structure, he said that a Special Purpose Vehicle (SPV) acting on behalf of investors shall purchase receivables from the seller. |
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