ComBank Chairman clarifies...

Commercial Bank Chairman Mahendra Amarasuriya referring to the article in the Daily News of August 11, 2011 under the heading 'ComBank in Rs 2 bn debenture issue', says that he has been misquoted on the basis of the information obtained on a telephone call with him on August 10, 2011.

He specifically refers to three sentences in that article:

With reference to, 'Commercial Bank will shortly raise Rs 2 bn through a Rated, Listed, Unsecured, and Subordinated Debenture Issue through a 'private placement',' he denies referring to a 'private placement'.

Referring to the statement that said 'The Bank will issue letters of allotment soon after the issue is completed', he says this is also a misinterpretation, as Letters of Allotment have already been issued to the shareholders.

He also denies stating that branches will be opened prior to Central Bank approval.

"Instead what I said was, after approval is obtained from the Central Bank," Amarasuriya said in his clarification.

We regret the error.