Bank of Ceylon-backed MBSL raises Rs.2.1bn via rights

Bank of Ceylon (BOC) majority stake owned, public quoted Merchant Bank of Sri Lanka & Finance PLC (MBSL) achieved a significant milestone by raising Rs. 2.1 billion through a rights issue. 

MBSL, since its inception in 1982, has had the backing of BOC, which is a major confidence booster for all stakeholders.

BOC is optimistic that with the successful completion of this rights issue, MBSL is now geared to assist the local industries in the evolving post COVID scenario. 

With this capital infusion MBSL has achieved the required level of capital adequacy as stipulated by the Central Bank of Sri Lanka (CBSL) and is now well positioned to expand its business portfolio further. 

Chairman of Bank of Ceylon Kanchana Ratwatte said the synergies of the two large institutions would provide mutual benefits to their valued customers. 

He also said the recent inclusion of Dammika Hapuhinna in the management team as CEO would be an added impetus in the thrust forward for MBSL.

BOC directly owns 75 percent of the issued shares of MBSL.