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Sri Lanka’s Sampath Bank to seek US$100mn from syndicated loans

ECONOMYNEXT – Sri Lanka’s Sampath Bank will seek up to $100 million of 3-to-5 year funds this year to meet loan demand and supplement domestic deposits, Chief Executive Aravinda Perera said.

Perera said the bank may see up to 25 percent loan growth if deposit targets could be met this year.
The bank was focussing more on small and medium clients this year and reducing emphasis on corporate lending, he said.

Sampath had repaid syndicated loans taken earlier and it only had some short-term foreign borrowings, he said.

Bloomberg Newswires said the bank was already in the market for a $50 million syndication, with responses due by August 26.

A bank that finances credit from real deposits does not cause any balance of payments pressure.

Foreign currency shortages comes when the government spends money from Treasury bills sold to the central bank, when maturing Treasury bills are bought by the central bank with printed money, or when primary dealers buy bond or banks fund loans with money from the reverse repurchase window. (Colombo/Aug03/2016)

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