The $140m facility, which was successfully concluded during a time of substantial disruption in financial markets, reflects the syndicate members' faith in the financial standing of BOC. The deal involved 10 participating banks from around the region, namely Bank Sohar, Doha Bank, The Arab Investment Company, Union National Bank, Askari Bank Limited, Bank Al Falah Limited, Burgan Bank, Emirates NBD, BankDhofar.
Mashreq acted as the Mandated Lead Arranger, Book runner and Facility Agent for syndication, which took place in a signing ceremony at the BOC headquarters in Colombo, Sri Lanka.
This is the second time that BOC has tapped the syndicated loan market in 2011, with the first in April for $175m. Both the transactions were significantly over-subscribed. The General Manager of BOC, Mrs. W.A. Nalini expressed deep satisfaction in Mashreq's ability to assist close the syndicated facility in record time, amidst volatility in global markets.
John Iossifidis, EVP and Head of International Banking Group at Mashreq, congratulated BOC on the closure of the transaction. Iossifidis continued, "Sri Lanka is an important market in the region due to the strategic bilateral and trade relations with the UAE and other countries. Mashreq along with other key partner banks have been instrumental in delivering the facility despite the current global liquidity conditions continuing to be difficult. Our plans include going forward exploring opportunities with leading institutions from the UAE to assist BOC with Capital raising."
The success of the transaction once again reinforces the attractiveness of Sri Lanka in the regional loan market and the increasing confidence various financial institutions have been demonstrating in the rapidly evolving credit industry of the country.
BOC was able to tap a whole set of new investors through this syndication. BOC's acceptance among a wider network of International investors is a testament towards prosperous future dealings.
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Mashreq leads $140m syndicated loan for Sri Lanka's Bank of Ceylon
- United Arab Emirates: Tuesday, December 27 - 2011 at 16:43
- PRESS RELEASE
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Mashreq, one of the UAE's leading financial institutions successfully closed its second syndicated facility in 2011, for Sri Lanka's largest bank, Bank of Ceylon (BOC).
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Posted by Rima Ali Al MashniTuesday, December 27 - 2011 at 16:43 UAE local time (GMT+4)
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About Mashreq:
Mashreq is one of the UAE's leading National Financial institutions. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts, it was the first to launch such products as travelers' cheques, credit cards and ATMs.
Mashreq has received numerous international awards such as the Best Bank in the UAE in 2008 from Euro money and various awards particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin. It's most recent acknowledgement was Best Consumer Internet Bank in Qatar and Best Consumer Internet Bank regionally by Global Finance Awards 2009.
As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.
For further information, please contact:
Huda Ismail
Public Relations, Mashreq
Tel: 04 -6083629
Nssrin Khalil
Public Relations, Mashreq
Tel: 04 - 6083836
Mashreq is one of the UAE's leading National Financial institutions. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts, it was the first to launch such products as travelers' cheques, credit cards and ATMs.
Mashreq has received numerous international awards such as the Best Bank in the UAE in 2008 from Euro money and various awards particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin. It's most recent acknowledgement was Best Consumer Internet Bank in Qatar and Best Consumer Internet Bank regionally by Global Finance Awards 2009.
As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.
For further information, please contact:
Huda Ismail
Public Relations, Mashreq
Tel: 04 -6083629
Nssrin Khalil
Public Relations, Mashreq
Tel: 04 - 6083836
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