Shareholder nod for Sanasa Bank’s US $ 22.2mn capital infusion plan

The shareholders of Sanasa Development Bank PLC (SDB) have approved   US $ 22.2 million equity and funding package from FMO Netherlands, SBI-FOM Fund and International Finance Corporation (IFC) during an extra ordinary general meeting held recently.
A statement by SDB said out of funding package 9.82 million will be added to the bank’s capital base by way of equity while US $ 12.39 million will be on long term senior and subordinated convertible term loans.
SDB bank which underwent a major transformation process has invested substantially in upgrading the technology and improving the bank’s efficiency. 
The bank’s assets growth was purposely slowed down to maintain regulatory capital adequacy levels.  
New capital infusion is expected to boost SDB’s ability to rapidly grow its asset base in the medium terms.