Mashreq, partners arrange $175m syndicated loan for Bank of Ceylon

Dubai: Mashreq, along with partner banks Doha Bank, Habib Bank Limited and United Bank Limited, anchored and successfully closed a syndicated term loan for Sri Lanka's largest bank, Bank of Ceylon (BOC).

The $175 million (Dh642.67 million) facility has a tenor of one year.

The initial facility that was sized at $100 million received significant over-subscription and was increased to $175 million.

The deal attracted the participation of 15 financial institutions around the region, both Gulf and Asian banks.

Mashreq is the first UAE financial institution to arrange a syndicated loan facility for a Sri Lankan bank.

‘Sound infrastructure'

The signing ceremony took place at Bank of Ceylon's head office with the participation of senior representatives of Mashreq and those from other partner banks along with the chairman, general manager and senior management of the Bank of Ceylon.

John Iossifidis, Head of International Banking Group, Mashreq said: "The success of this deal is a testimonial to the sound infrastructure of the financial sector in the UAE and in Mashreq's capabilities to originate and distribute syndicated loan transactions.

"Further, we immensely value the relationship that we have built over several years with banks in the region and thank our partners for their support in this transaction.

"In addition, Bank of Ceylon is a successful fin-ancial institution with a strong history and this compliments our strategy to strengthen our portfolio."