SDB bank shareholders have approved an Equity and Funding package amounting of US $ 22.21 mn (Rs. 3.3 billion) at an Extra ordinary General Meeting held on March 21.
Out of this US$ 9.82 mn (Rs.1.46 bn) will add to the capital base of Sanasa Development Bank by way of equity while a further US$ 12.39 (Rs. 1.84 bn) will be on long term Senior and Subordinated convertible terms.
SDB bank has invested substantially for upgrading of the technology and improvement of efficiency. Bank`s assets growth was purposely slowed down during 2016 for want of Capital, and maintain regulatory Capital adequacy levels.
New capital infusion will boost the ability of SDB to rapidly grow its asset base in the medium terms. This together with the ongoing re-engaging process will result in substantial enhancement of its revenues and profitability.
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