RAKBANK arranges $10mn loan facility to Sri Lankan bank

Dubai / WAM

RAKBANK announces the arrangement of a three-year US$10mn medium term loan facility to DFCC Bank PLC, a leading financial institution in Sri Lanka. DFCC Bank secured the loan for general expansion of its Offshore Banking Unit (FCBU).
The loan facility was recently signed at DIFC. Attending the ceremony were Lakshman Silva, DFCC Bank Deputy Chief Executive Officer, and Peter England, RAKBANK CEO, along with other senior representatives from RAKBANK and DFCC Bank.
Peter England, RAKBANK CEO, said: “We are pleased to have partnered with DFCC Bank to support their general expansion plan of the Offshore Banking Unit. This medium term financing allows us to diversify our asset book into various geographies while introducing DFCC Bank to the region.”
Lakshman Silva, Deputy Chief Executive Officer of DFCC Bank said: “We have strong aspirations to grow our offshore banking business and we believe these funds will provide the right momentum to achieve our growth plans and support our expansion strategy.”

Our ability to raise medium term funding on this scale from a reputed overseas financial institution reflects investor confidence in DFCC Bank’s operations and future growth potential. This is our first foray into a Middle Eastern market for medium/long term financing.”