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Sunday, 19 October 2003    
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Pan Asia Bank debentures to fuel future growth

Pan Asia Bank will issue Rs 400 million worth of five-year debentures at Rs 1000 each to fuel future growth.

The debentures carry a floating rate of interest equal to the weighted average six-month treasury bill rate plus three per cent (around 10 per cent at current rates) payable every six months, the bank's Managing Director and CEO R. Nadarajah said.

The debentures will not be listed on the Colombo Stock Exchange. Commercial Bank will act as trustee for the debenture holders.

The bank will issue 250,000 unsecured redeemable subordinated debentures with the option to issue a further 150,000. The debentures will be available in multiples of Rs 1000 with a minimum investment value of Rs 10,000.

The issue will open on October 30 and close after one month or on the day it is oversubscribed. However, applications will be accepted even prior to opening and prospectus and applications will be available from the bank's head office and branches as well as from Commercial Bank head offices and branches.

The debenture issue is the second phase of the bank's recapitalisation plan. The first step was calling for the balance two rupees per share from shareholders. It added upto Rs 100 million, he added.

Chairman Pan Asia Abeyratne Bandara said three more branches will be established this year while six more are planned for 2004. Among the other plans for the bank are improving its human resources, launching a credit card and a listing on the Stock Exchange by early 2004. He said the asset value of the company has grown by 20 per cent.

Pan Asia Bank commenced operations eight years ago in October as a commercial bank licensed to undertake domestic and offshore banking operations. Its fully-paid up share capital exceeds Rs 500 million. The bank has 13 online branches in Colombo, Gampaha, Kandy, Kurunegala, Matara, Negombo and Ratnapura. It has a customer base of over 25,000 and deposits exceeding four billion rupees. Key shareholders include the Samurdhi Authority, the Kuwait-Bahrain Exchange Company (a leading service provider in the Middle East) and Dhammika Perera.

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