BoC to raise US $ 500 m

Bank of Ceylon is planning to raise a US $ 500 million bond mainly focusing on facilitating foreign loans.

The Bank will raise US $ 500 million bond during this year and will make concrete plans on how to raise the bond and ways of utilizing funds at a meeting to discuss its corporate plan for 2012 to be held next Saturday, Bank of Ceylon Chairman Dr. Gamini Wickramasinghe told Daily News Business.

"We will finalize the raising of funds by the next three to four months and the bond will be rated," he said.

The Bank earned Rs 6.78 billion profit for the nine months ended September last year and is the largest state bank in the country. (SJ)