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Sri Lanka's Hatton National Bank (HNB) plans to securitise part of its micro finance portfolio to expand its low cost credit schemes. Sri Lanka's Hatton National Bank (HNB) plans to securitise part of its micro finance portfolio to expand its low cost credit schemes. HNB's micro finance portfolio stands at around Rs. 4 billion at present, having lent to over 75,000 customers since launching its scheme 15 years ago.

Customers can borrow between Rs. 25,000 to Rs. 750,000 free of collaterals. Priced at between 10 percent to 17 percent, the portfolio carries a default rate of around two to three percent.

"Raising funds through securitisation is one of the options we are looking at besides trying to secure concessionary credit lines," HNB's Chief Executive Rajendra Theagarajah told LBO on Monday.
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While the securitisation process will take a few months to materialise, the bank has signed a memorandum of understanding with the German Savings Bank for a Rs.
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200 million zero interest credit line.

"Some international lending agencies have shown interest in lending to us based on the success of our ongoing micro finance project

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