DFCC Bank partners Cyprea Group in the Maldives to structure the largest loan facility to date
DFCC Bank PLC recently entered into a break through partnership with one of the oldest and most established corporate entities in the Maldives, Cyprea Group of Companies, for a dual-tranche bilateral term loan, together with trade finance and guarantee facility. This landmark transaction is the single largest bilateral deal arranged by DFCC Bank to-date.
The new term loan was structured by DFCC Bank to refinance existing term borrowings and meet key capital investments and related expenses of Cyprea Group. The trade and guarantee facilities were structured to support Cyprea Group’s thriving energy and travel businesses.
Since commencing operations in 1978, Cyprea Group has grown to become one of the largest and most respected corporate names in the Maldives. Today, the Group’s interests have diversified into many areas including travel and tourism, marine foods, energy, logistics and engineering.
DFCC Bank Director and CEO Lakshman Silva commented, “DFCC Bank is delighted to support and partner Cyprea Group in structuring and arranging this dual-tranche term loan, trade and guarantee facility. This transaction clearly demonstrates DFCC Bank’s capabilities in managing cross-border financing transactions. DFCC Bank continues to be a dominant force in Sri Lanka, and this transaction stands as a further testament to our ability in closing large transactions, and our strong and continued commitment to our stakeholders. Cross-border financing and key international connectivity will be key focus areas of the Bank’s growth strategy.”
DFCC Bank Senior Vice President and Head of Corporate Banking Shamindra Marcelline stated, “This landmark transaction is the largest-ever bilateral loan facility of the bank and clearly marks another significant achievement, especially given the significant challenges prevailing in the local and global financial markets. Thistransaction amply demonstratesthe confidence placed by the bank in the Cyprea Group’s strong credit story.”
About the Bank
DFCC Bank PLC is a fully-fledged commercial bank offering the full range of commercial and development banking services. The Bank was also ranked amongst Business Today’s Top 30 businesses in Sri Lanka and was placed in the 25th position in Brand Finance Top 100 Most Valuable Brands, 2019. DFCC Bank is rated AA- (lka) by Fitch Ratings Lanka Limited.