HNB buys Prime Grameen Microfinance

HNB, a pioneer in microfinance, entered into a shareholder agreement to purchase a 51% stake of voting rights in Prime Grameen Micro Finance Ltd.

The agreement was signed following the completion of a detailed due diligence and the transaction is expected to be concluded once regulatory clearance is obtained.

This strategic move will complement HNB's investments in Insurance and Capital Markets to benefit as a Group from the growth prospects of the country.

HNB Managing Director and CEO Jonathan Alles said, Micro finance will play a key role in the development of rural Sri Lanka and in distributing the dividend of economic growth more evenly among society; as a premier local bank we take pride in participating in this development process."

Jonathan Alles and Chief Operating Officer, HNB, Dilshan Rodrigo signed the agreement on behalf of HNB, while Chairman Prime Lands Ltd B. Premalal and Deputy Chairman Ms Sandamini Perera, signed on behalf of Prime Lands Ltd and Director Ms Crysanthi Thambiah and Managing Director, Prime Grameen Micro Finance Ltd,Chaminda Prabath signed on behalf of Prime Grameen Micro Finance Ltd.