HSBC to finalise $ 100m syndicated loan for BoC

HSBC is in the process of finalising a 100 million dollar international syndicated loan for the Bank of Ceylon (BoC).

HSBC President and CEO Michael R. P. Smith told businessmen in Colombo that the bank has been in Sri Lanka for over 100 years and are confident that the country can overcome its current challenges.

Our business here is growing and in a few weeks we will be finalisng a 100 million dollar syndicated loan for the Bank of Ceylon.

The loan carries tenures ranging from two to three years, with the Bank due to go on a road show to raise funds from overseas markets.

He said that most investors are least concerned whether economies will grow by .5% or not. But they are more concerned about the investing climate and the stability of the country.

Smith was confident that Sri Lanka will overcome the difficult period and has a bright future ahead. He said that last year the head office invested 30 million dollars to increase the capital of our business here to increase the capital of our Sri Lankan office, which is well in excess of the enhanced minimum capital requirements currently imposed by the Central Bank.

It shows our long term commitment for Sri Lanka, he said.

Operating in 11 branches, HSBC's local office is also the largest foreign bank in the island, commanding about 6-percent of the total banking system assets. The bank's core business is retail and corporate banking.