The Commercial Bank of Ceylon’s Rs. 10 billion debenture issue closed within hours of opening after it was oversubscribed on the opening day, December 1.
The debentures to the value of Rs. 10 billion were issued to further strengthen the Tier 2 capital base of the Bank, bridge maturity mismatches in the assets and liabilities portfolio of the Bank and raise funds for the expansion of the Bank’s lending portfolio, especially in segments such as Small and Medium Enterprises (SMEs) and export-oriented industries to support the national economy.
Commercial Bank Managing Director and CEO Sanath Manatunge said, “The trust and confidence in the future prospects of the Bank implicit in the response of institutional and individual investors, is extremely encouraging for Commercial Bank and the sector in general. This injection of capital further strengthens the Bank and is expected to further stimulate growth.”