Sri Lanka-based Pan Asia Banking Corp. Plc entered into a US$17 million senior debt arrangement with Symbiotics Group, a Geneva-based fund specializing in providing credit facilities for small and medium-sized enterprise development worldwide.
Under the arrangement, the funds will be available in U.S. dollars and Sri Lankan rupees.
The debt issue comes at a time when the bank is in the process of enhancing its capital base through an announced rights issue to boost its balance sheet.
The bank will use the proceeds from the offering to support its rapidly growing small business advances portfolio.
India-based TSW Capital Services ?P? Ltd. ?TCSPL? provided advisory services to both parties to complete the funding arrangement.