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by Sudarshana Perera

A US$ 150 million massive city within a city development project - Serendipity Park - will get off the ground at the premises of former Wellawatte Spinning and Weaving Mills site Colombo next January, Chairman Bank of Ceylon Mrs. Sumi Moonesinghe told the Daily News yesterday.

Sumi Moonesinghe

In a move to stimulate the growing economy of Sri Lanka, the Bank of Ceylon has entered in to a joint venture with Shin Kwan Group of Singapore to develop this project under two phases.

A mega project housing living apartments, cinema, hotels, shopping malls, a play ground and other luxurious facilities will get off the ground by next January.

The Chairman of the Bank, Moonesinghe said that under the agreement with Shin Kwan Group, the Bank will initially provide the land and other preliminary and facilitator arrangements to kick start the project. Moonesinghe who is to resign having done successful corporate transformations at the Bank of Ceylon said deviating from traditional banking, they have embarked on major development projects to stimulate the growing economy of the country. "I am optimistic the earmarked project will boost our country's economy and the Bank of Ceylon is fully committed to help fulfil country's economic aspirations," she said. "A notable feature in this development is that the project promoters will also develop all places of worship in the vicinity at their cost" she said.

The Bank of Ceylon is also to convert the two vacant floors of its London branch into residential quarters. This project is expected to provide overseas exposure to the employees with the training arrangements made with correspondent banks in the city of London.

Commenting on the achievements gained during her tenure of office, she said that that the bank was able to create a new corporate image developing it as a customer oriented bank. "Having functioned mainly as a government bank this transformation was absolutely essential to meet the market demands to maintain the leadership position the bank has enjoyed for 64 years of existence. We also started canvassing for the business of the large corporate very aggressively. The 600 % growth in the corporate loan portfolio proved this strategy to have been successful.

She also said that the bank was able to introduce loan schemes at concessionary rates to assist those self employed with no access to equity and collateral.

While commenting the co-operation extended by the bank staff she said that they were able to change the mindset of its workers with HR development programs on negotiating and relationship skills.

The bank while exploring new avenues to invest in profit making ventures will also connect its 300 strong branches electronically.

The Bank has already tied up with National Development Bank and Eagle Insurance to introduce Bank assurance through the branch network. It will also make available the facilities to access the commercial sector with plastic cards

for payments in order to reduces the risk of cash robberies.

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