HNB to raise US$ 100 mn through 7-year ADB loan

30 March 2015 03:31 am Views - 1795

HNB entered into a landmark agreement with the Asian Development Bank (ADB) to raise US$ 100 million by way of a 7-year senior debt. 

This is the largest transaction by ADB with a Sri Lankan private sector bank and the funds raised would be deployed towards infrastructure development projects with special emphasis on renewable energy, power and irrigation which are key sectors in the economic resurgence of Sri Lanka. 

ADB which was founded in 1966, has been driven by an inspiration and dedication to improving people’s lives in Asia and the Pacific. It is committed to help developing member countries to evolve towards modern economies that are well integrated with rest of the world.

Commenting on this epic transaction Jonathan Alles, Managing Director, CEO of HNB PLC stated that “We are delighted to partner with ADB to raise long term funding for the Bank. 

This is testimony to the trust placed by international investors and funding institutions in HNB. Since 2012, HNB has raised nearly Rs 30 billion from foreign sources at attractive rates and this clearly demonstrates the Bank’s sustainable business model, robust growth trajectory, strong capital structure and its lead position in the banking industry”.

He added that “Sri Lanka in its journey of reaching upper middle class status will spur growth in corporate and SME investments and the availability of infrastructure would be a key enabler. We as a leading private commercial bank in the Country are pleased to facilitate these developments through partnering with ADB”. 

The agreement was signed in Colombo by Rose Cooray, Director and  Jonathan Alles, Managing Director/CEO on behalf of HNB and by  Sri Widowati Country Director on behalf of ADB. 

HNB was recently awarded by the Asian Banker Magazine as the ‘Best Retail Bank in Sri Lanka’, which is the seventh occasion the Bank won this prestigious award.