SANASA Development Bank

Equity : July 2021

BIO has invested USD 4 M in equity in Sanasa Development Bank, a Sri Lankan licenced specialised bank.

Amount

€ 3,387,334.87

Type of investment

Equity

Development impacts

Local economic growth
Financial inclusion
Gender

Beneficiary locations

Asia: Sri Lanka

Investment field

Financial Institutions

Activity

KK.64.190 Commercial banking

Organisation

SANASA Development Bank

Website

https://sdb.lk/en/

Domicile

Sri Lanka

More investments in

SANASA Development Bank

Debt € 7,270,400.00 (2019)

SDB was established in 1997 as a Licensed Specialized Bank to provide financial facilities to the Sanasa Movement, an island-wide network of savings and credit cooperatives in Sri Lanka. SDB has been listed on the Colombo Stock Exchange since 2012 and has become a leading MSME bank in Sri Lanka over the last years.

In 2019, SDB acquired the “UPay” digital payment platform and launched its mobile banking facility called “SDB Mobile”.

Its network comprises 94 branches with 1,491 employees, half of which are women. The SDB customer base (155,000) includes retail, SME and cooperatives and its offering goes from savings and deposits, to investments, loans and leasing products.

This equity investment will help SDB strengthen its capital base and support its portfolio growth.

Development impacts

Local economic growth
The bank mobilizes local savings as the main funding source is through deposits, of which around 30% come from the Sanasa Cooperatives network.
Financial inclusion
Positioning between large commercial banks and NBFIs to capture the lower end of the market, currently underserved.
Gender
2X eligible, with a third of senior positions held by women, and offering a product designed specifically for women (saving account coupled with financial training).

Read impact and news about this project

News

SDB bank will issue 10% shares to Belgian Investment Company for Developing Countries (BIO)

09-07-2021

The Belgian Investment Company for Developing Countries (BIO) agreed with SDB bank, a pioneering provider of financial services, to take up a 10% share of the bank, amounting to Rs. 925 million at Rs. 51.50 a share, via SDB bank’s Secondary Public Offering (SPO).