Oct 11, Colombo: State banking giant, Bank of Ceylon (BoC) has sought approval from Colombo Stock Exchange (CSE) for the listing of its forthcoming debenture issue that was kept under wraps.

The proposed issue is expected to offer up to 50 million of unsecured subordinated redeemable debentures through its subsidiary, Merchant Bank of Sri Lanka.

According to industry sources, the prospectuses are scheduled to reach the market on October 15th and the opening of the subscription will be from October 23rd. Once issue is fully completed the debentures are expected to be listed at the CSE.

BoC, the leading commercial bank in Sri Lanka owned by the government, continues to maintain its leading and preeminent position attaching a high degree of priority to face up to the unprecedented challenges emerged in the banking sphere.