By Mario Andree
Ceylon FT: Hatton National Bank PLC has decided to acquire 51% stake in Prime Grameen Micro Finance Limited, a subsidiary of Prime Lands, for Rs 660 million, and announced that the microfinance company proposed earlier would not take shape, subject to completion of the deal.
Hatton National Bank yesterday told the Colombo Stock Exchange that the directors of the bank agreed to acquire 51% stake in Prime Grameen Micro Finance Limited for Rs 660 million, subject to obtaining regulatory clearance, completion of a detailed due diligence and entering into a shareholder agreement setting out the rights of HNB as the major shareholder.
According to the stock exchange filing the deal is expected to be completed on or before 30 September this year.
Prime Grameen is a full-fledged finance company registered and licensed in 2000 to accept public deposits by the Central Bank of Sri Lanka, was subsequently acquired by Prime Lands, a real estate business firm.
"Over the recent past Prime Grameen has recorded growth with an annual loan growth of 24%, deposit growth of 33% and a return on equity of over 50% for the financial year 2013/14 while maintaining a high quality asset portfolio with a NPA level of below 1%," HNB said in a statement.
The Hatton National Bank told shareholders that the microfinance company announced by the bank last year would not take shape, and the bank would go ahead with its microfinance business through Prime Grameen.
www.ceylontoday.lk
Ceylon FT: Hatton National Bank PLC has decided to acquire 51% stake in Prime Grameen Micro Finance Limited, a subsidiary of Prime Lands, for Rs 660 million, and announced that the microfinance company proposed earlier would not take shape, subject to completion of the deal.
Hatton National Bank yesterday told the Colombo Stock Exchange that the directors of the bank agreed to acquire 51% stake in Prime Grameen Micro Finance Limited for Rs 660 million, subject to obtaining regulatory clearance, completion of a detailed due diligence and entering into a shareholder agreement setting out the rights of HNB as the major shareholder.
According to the stock exchange filing the deal is expected to be completed on or before 30 September this year.
Prime Grameen is a full-fledged finance company registered and licensed in 2000 to accept public deposits by the Central Bank of Sri Lanka, was subsequently acquired by Prime Lands, a real estate business firm.
"Over the recent past Prime Grameen has recorded growth with an annual loan growth of 24%, deposit growth of 33% and a return on equity of over 50% for the financial year 2013/14 while maintaining a high quality asset portfolio with a NPA level of below 1%," HNB said in a statement.
The Hatton National Bank told shareholders that the microfinance company announced by the bank last year would not take shape, and the bank would go ahead with its microfinance business through Prime Grameen.
www.ceylontoday.lk
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