BOC boosts MBSL in Rights Issue

The Bank of Ceylon majority stake owned, public quoted Merchant Bank of Sri Lanka (MBSL) achieved a significant milestone by raising 2.1 Billion through a rights issue.

MBSL, since its inception in 1982, has had the backing of the banking giant, Bank of Ceylon, which is a major confidence booster for all stakeholders.

Bank of Ceylon is optimistic that with the successful completion of this rights issue, MBSL is now geared to assist the local industries in the evolving post COVID scenario.

With this capital infusion MBSL has achieved the required level of capital adequacy as stipulated by the Central Bank of Sri Lanka (CBSL) and is now well positioned to expand its business portfolio further.

The Chairman of Bank of Ceylon Kanchana Ratwatte commented that the synergies of the two large institutions would provide mutual benefits to the multitude of their valued customers. He also stated that the recent inclusion in the management team of the experienced banker, Dammika Hapuhinna would be an added impetus in the thrust forward for MBSL.