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Acquisition of Prime Grameen Microfinance Limited by HNB PLC

Further to the announcement made in early August 2014, HNB a pioneer in microfinance in Sri Lanka, yesterday entered in to a shareholder agreement with regard to the acquisition of a stake of 51% of voting rights in Prime Grameen Micro Finance Ltd. The agreement was signed subsequent to the successful completion of a detailed due diligence and the transaction is expected to be concluded once regulatory clearance is obtained.
This strategic acquisition will complement HNB's investments in Insurance and Capital Markets to benefit as a Group from the growth prospects of the Country. Mr Jonathan Alles, Managing Director / CEO of HNB commenting on the proposed investment said "Micro finance will play a key role in the development of rural Sri Lanka and in distributing the dividend of economic growth more evenly among society; as a premier local bank we take pride in participating in this development process"

Mr. Jonathan Alles and Mr. Dilshan Rodrigo Chief Operating Officer of HNB PLC signed the agreement on behalf of HNB PLC while Mr. B. Premalal Chairman Prime Lands Ltd and Ms Sandamini Perera, Deputy Chairman Prime Lands Ltd signed on behalf of Prime Lands Ltd. and Ms Crysanthi Thambiah, Director and Mr. Chaminda Prabath Managing Director of Prime Grameen Micro Finance Ltd signed on behalf of Prime Grameen Micro Finance Ltd.

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