People’s Bank signs landmark transaction with China Development Bank


People’s Bank signed a landmark United States dollars 200 million, eight year, bilateral funding facility with China Development Bank. This is one of the largest ever and the longest tenor funding facilities secured by any commercial bank in Sri Lanka up to now.The signing ceremony was held at China Development Bank’s Guangxi branch in Nanning, People’s Republic of China on March 27. N. Vasantha Kumar (Chief Executive Officer/General Manager) and Mei Shiwen (General Manager of Guangxi Branch) signed the facility agreement representing People’s Bank and China Development Bank respectively. Thereafter several rounds of discussions were held between senior officials of People’s Bank and China Development Bank with regard to future cooperation between the two institutions. China Development Bank selected People’s Bank to sign an historic Memorandum of Understanding in May 2018 covering areas such as financing, customer referrals, introducing investment opportunities in Sri Lanka and training and experience exchange etc. The aforesaid facility was signed as a result of this Memorandum of Understanding.

Since its inception 57 years ago, People’s Bank has opened its doors to customers across the country, and has continuously leveraged its resources to uplift many lives through financial services. With an insight into the financial needs of the citizens, from young to old, People’s Bank has constantly strived and committed itself to elevate the living standards of the citizens. Through its massive network of 738 branches island-wide and over 4000 ATM machines and affiliated to Lanka Pay Gateway, People’s Bank has reached more than 10 million customers offering a wide spectrum of financial services. The bank also provides its services 24 hours a day, 7 days a week and 365 days a year via its Self-Banking Units: amounting over 200 across the island. This helps People’s Bank customers to conduct numerous banking transactions with utmost efficiency, without requiring to visiting a bank branch in person.People’s Bank also continues to play a pivotal role in encouraging and empowering scores of industries including agriculture, real estate, commercial development, small and medium enterprises, as well as import and export sectors; supporting a holistic development of communities throughout the island.

(under the courtesy of news web)