Sampath Bank, a commercial bank based in Sri Lanka, has unveiled plans to raise $100m capital through listing debentures at the Singapore Stock Exchange (SGX), subject to regulatory approvals.
The debentures will enable the bank to raise Basel 111 compliant Tier 2 capital.
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In the recent times, the lender floated two fully subscribed rights issues. Under the first rights issue, shareholders were offered one new share for every six shares held at LKR245 ($1.54) per share.
Under the second rights issues, shareholders were offered three new shares for every 13 shares held at LKR250 per share.
Meanwhile, Fitch Ratings recently revised Sampath Bank’s Outlook to Stable from Negative.
“The revision in the Outlook reflects Fitch’s expectation that the bank would be able to sustain higher capital buffers as it continues to focus on capital management and earnings retention while expanding its market share. Sampath’s rating also reflects its higher risk appetite, growing franchise and satisfactory asset quality,” Fitch said in a statement.
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By GlobalDataSampath Bank was incorporated in 1986. The bank offers a number of services such as credit cards, savings accounts, loans, term deposits, remittances, corporate banking, corporate credit, commercial credit, corporate finance, development banking, as well as internet banking.
