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| Tuesday, 12 November 2002 |
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People's Bank obtains Primary Dealer licence The People's Bank, the country's second largest bank obtained a licence from the Central Bank of Sri Lanka, to act as a Primary Dealer in the Government Securities Market. "This will enable the Bank to play a significant role in the primary issue of Government Securities, whilst acting as a market maker and adding much needed depth to the secondary market," Chairman, Lal Nanayakkara said. The new Primary Dealer Unit of the bank will help improve the efficiency and effectiveness of the Bank's Treasury and money market activities, make a noteworthy contribution towards the Banks profitability and enhance the range of services to customers. It will be headed by N. Vasantha Kumar - People's Bank, Treasurer, who has already greatly expanded the role of the Bank's Treasury and introduced a number of innovative products. This in turn, has enabled the People's Bank to attract new customers. At the same time, the People's Bank, Treasury has been further strengthened by recruiting the senior Treasury Team from American Express Bank. Derek Kelly, CEO/GM of People's Bank said "Services that People's Bank can offer to our customers will be greatly enhanced as a result of becoming Primary Dealers and engaging the highly acclaimed American Express Team including the Shanthi Gnanapragasm as Chief Dealer and Clive Fonseka as Dealer. The People's Bank, now has the skills and innovation commensurate with its size in the debt money and foreign exchange markets. We expect the size of the Government and corporate debt market to grow rapidly and become much more sophisticated over the next few years. The People's Bank will be very well placed to benefit as we have a very broad distribution capacity," he said. The Primary Dealer Unit will be headed by Dammika Ranawana and the Settlements Unit by Dayananda de Silva. |
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