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| Tuesday, 2 December 2003 |
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Pan Asia Bank mobilises Rs. 100 million on day one of branch opening Pan Asia Bank mobilised deposits amounting to over Rs. 100 million on day one at the opening of their 15th Branch in Kotahena on Friday. MD/CEO of the Bank R. Nadarajah commenting on the opening said that he was pleased with the performance of the branch as it reflected the confidence that the public had in the Bank. "The management is employing the capital infused by the directors and the funds raised through the successful public debenture recently to implement a planned growth program keeping in line with a Retail Focus Strategy. Having studied banks in the Junior league we observe a tremendous window of opportunity which we are at present pursuing, successfully," Nadarajah said. The warm up period is over and we are now ready to take off, initially by bringing in a "New Face" through the look and feel of our branches, uniformed smart service oriented staff. We have newly designed cheque books and passbooks to add to the facelift". Whilst adding value to our services we are taking steps to differentiate our services and setting standards. We have also centralised our clearing process and our cheques deposited any where in the island once processed by the automated clearing house is cleared within one day," he said. He also said that their deposit base has grown steadily in the last quarter and the overall profitability of the Bank has improved going on to prove the level of customer confidence in our bank. The opening of back to back branches reflects a combination of hard work of the staff and the positive perception of the public about the Bank in the market. Deputy CEO Bradley Emerson commenting on the back to back opening said "We feel there is a window of opportunity in the Retail Segment which we're going after and the mobilisation of over Rs. 100 million on day one at Kotahena proves that we are after the correct segment and the market perceptions are shifting". In keeping with their objective of maximising customer satisfaction the new branches will be connected to the real time on line network of branches and offer extended banking hours from 9.00 a.m. to 5.00 p.m. on weekdays and 9.00 a.m. to 1.00 p.m. on Saturdays, he said. |
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