People’s Bank’s Rs. 10 billion debenture snapped up
- 5opn1
- October 31, 2024
- Banking and Financial
- People’s Bank’s
- 0 Comments
People’s Bank announced yesterday that it has successfully concluded the issuance of its BASEL III Compliant Tier 2, Unlisted, Rated, Unsecured, Subordinated Redeemable Debentures with non-viability write-down, as required by the Central Bank of Sri Lanka (CBSL), raising over Rs. 10 billion last month.
The funds raised will enhance the bank’s Tier 2 Capital base and further strengthen its Total Capital Adequacy Ratio.
The subordinated nature and medium to long-term duration of the debentures, issued in compliance with BASEL III requirements, will enable the bank to expand its lending portfolio by further augmenting its regulatory capital buffers.
The bank intends to utilise the proceeds of the issue to expand its loan book through diverse lending products in the ordinary course of business.
