National Savings Bank raises US$ 100 mn

National Savings Bank has recently raised a US$ 100 million loan facility supported by Commerzbank AG.The excellent relationship that NSB enjoys with its banking partners has allowed NSB access to a competitive interest rate despite the current global trend of interest rate increases.

The facility was arranged jointly by Dubai based Alpen Capital (ME) Limited and NDB Investment Bank of Sri Lanka. The funds were required as part repayment of US$ 750 million which NSB borrowed from international markets in 2013 through an international bond issuance.

Having followed a transparent process, Commerzbank AG was identified as the most appropriate international lending partner. NSB was able to leverage on its unique strengths of having a local credit rating of AAA (Ika), international rating of (B-) along with a strong financial and an operational track record of performance, in reaching a highly satisfactory agreement. NSB’s total capital adequacy ratio as at September 30, 2018 stands at 13.79% with an asset base of over Rs. 1 Trillion. Its NPA ratio is also highly commendable at below 1.7%.

Commerzbank is a leading international commercial bank with branches and offices in almost 50 countries.

In the two business segments Private and Small Business Customers and Corporate Clients, the Bank offers a comprehensive portfolio of financial services which is precisely aligned to its clients’ needs. Commerzbank finances approximately 30% of Germany’s foreign trade and is the leading finance provider for corporate clients in Germany.

Due to its in-depth sector know-how in the German economy, the Bank is a leading provider of capital market products.Its subsidiaries Comdirect in Germany and mBank in Poland are two of the world’s most innovative online banks. With approximately 1,000 branches, Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank serves more than 18 million private and small business customers, as well as more than 60,000 corporate clients, multinationals, financial service providers, and institutional clients.

The Bank, which was founded in 1870, is represented at all the world’s major stock exchanges. In 2017, it generated gross revenues of €9.1 billion with approximately 49,300 employees.