DFCC Bank secures loan from Middle-East to fuel off-shore expansion plans
October 6, 2016
DFCC Bank has successfully raised funds in the Middle East on the strength of its credentials and sound track record established over a period of 61 years. Witnessing growth across all its sectors, DFCC Bank has evolved into a technology-backed modern commercial bank that meets the aspirations of both its commercial and development clients. This loan will provide the right springboard for the dynamic bank to strengthen its offshore presence while tapping into new markets. The Bank has been an innovator in the industry and this infusion of capital will help to fuel its long term expansion plans.
A three-year US Dollar term loan facility has been secured by DFCC Bank from National Bank of Ras Al Khaimah (RAKBANK), of the United Arab Emirates (UAE). Alpen Capital (ME) Limited, an investment banking advisory firm, also UAE-based, acted as the sole financial advisor to the transaction.
DFCC Bank secured the loan for general expansion of its Offshore Banking Unit (FCBU) and the loan facility was signed in Dubai, UAE, recently. Attending the ceremony were Peter England, CEO – RAKBANK, Lakshman Silva, Deputy CEO – DFCC Bank, Rahul Oberoi, MD (Wholesale Banking) – RAKBANK and Kapila Nanayakkara, Senior Vice President (Treasury and Resource Mobilisation) – DFCC Bank, along with senior representatives from RAKBANK and Alpen Capital.
Commenting on this significant achievement, Lakshman Silva, Deputy Chief Executive Officer of DFCC Bank said, “DFCC is delighted to announce that it has successfully mobilised funding in the overseas market of the Middle East, by securing a significant US Dollar loan facility from RAKBANK. We have strong aspirations to grow our offshore banking business and we believe these funds will provide the right leverage to power our growth plans and support our expansion strategy. Our ability to raise long-term funding on this scale from a reputed overseas financial institution reflects investor confidence in DFCC Bank’s operations and in its future growth potential. This long-term funding is also an encouraging sign for the local banking industry as a whole, as it reinforces faith in the industry prospects and in the trajectory of the national economy. This is our first foray into the Middle Eastern Market for medium to long term financing and I would like to take this opportunity to thank Alpen Capital for assisting us in diversifying our funding mix through their relationships with Middle Eastern banks.”