RAKBank arranges $15m loan for Seylan Bank

Abu Dhabi: RAKBank announced on Sunday it has arranged a five-year $15 million long-term loan facility to Sri Lanka-based Seylan Bank, which has secured the loan for general expansion of its portfolio in Foreign Currency Banking Unit (FCBU).

The funding would also assist in further improving the asset liability management gap in Seylan’s FCBU Book. This is Seylan’s first long-term financial agreement with financial institutions based in the Middle East.

RAK Bank said the facility allows it to diversify its asset book into various geographies.