ICRA Lanka Withdraws Rating of MCB Bank Limited (Sri Lanka Branch)
|Instrument||Current Rated Amount (LKR Mn)||Rating Action|
|Issuer rating||N/A||[SL] A+ (Stable); Withdrawn|
ICRA Lanka Limited (“ICRA Lanka”) has withdrawn the Issuer rating of [SL] A+ (pronounced SL A Plus) with Stable outlook assigned to MCB Bank’s Sri Lanka Branch (“MCBSL”/ “the Bank”). The withdrawal is as a result of termination of rating agreement(s) entered into by MCBSL with ICRA Lanka, pursuant to the decision by ICRA Lanka to cease its business operations in Sri Lanka.
The termination of the rating agreement(s) is as per Rule 88(b) of the Credit Rating Agency Rules promulgated under the Securities and Exchange Commission of Sri Lanka Act No. 19 of 2021 (the “SEC Act”).
About the Bank:
MCB Bank Sri Lanka (“MCBSL”) was established in Sri Lanka with the acquisition of Middle East Bank Limited’s Colombo operations in 1994. Currently, MCBSL operates with 8 branches at Kollupity, Maradana, Pettah, Wellawatte, Kandy, Galle, Kattankudy and its Head Office branch in Colombo. The Bank currently focuses on corporate, SME and retail segments. MCBSL also operates an Islamic Banking division.
Rating history for last three years:
Subsidiary of ICRA Limited
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