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| Sunday, 25 August 2002 |
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| News Business Features Editorial
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HNB to issue Rs. 2,000m worth of debenture The Hatton National Bank (HNB) will issue a debenture of Rs. 2,000 million to the public to meet the banks capital adequacy requirement on September 3. With the infusion of capital raised through debentures the bank will be able to finance infrastructure development projects, housing loans and leasing portfolios, HNB's Managing Director, Rienzie, T. Wijetilleke said at a press briefing in Colombo. He said with the recovery of the Sri Lankan economy there is a demand for housing and the bank would be able finance housing loans of those returning from the Middle East. The bank has several clients employed in the Middle East. Meanwhile, the Central Bank and the Colombo Stock Exchange have approved the issue of debentures which will be listed on the Colombo Stock Exchange (CSE). HNB's Deputy General Manager, D.N. Daluwatte said the debenture was the largest issued so far which will give the bank a significant leverage to expand their activities. A debenture issue of Rs. 10 million was issued by the HNB in 1998 which was oversubscribed and closed on the opening day itself, he said. Application forms are available from broker firms and all HNB Customer Centres from August 23. The issue will open on September 3 and will close on September 23. |
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