Business Banking

People's Bank reduces lending rates

State banking giant People's Bank has taken steps to reduce its lending rates with immediate effect. This move is a result of careful consideration of current financial market trends, by the Bank, and is aimed at offering assistance to both its customers and the country's economy.

The Government lowered the prices of a number of essential consumer items, and has paid special attention to ways in which the people may enjoy the benefits of this price reduction in diverse ways. As a result, People's Bank has decided to reduce the lending rates of several key business sectors, such as the co-operative sector, agricultural and industrial sector, the exports sector and the NRFC/RFC sector.

It is expected that a direct benefit of these price reductions of certain essential consumer items will be felt by the people, through a reduction of 1.5 per cent to the lending rates of the co-operative sector. The move is also reflective of the founding objectives of People's Bank, which consist of a special relationship with the co-operative sector.

Paying special attention to the agricultural and industrial sector, the lending rates for these sectors have also been reduced by one per cent. Not only is it a means of assistance to those involved in these sectors, but it is also a way in which People's Bank contributes to the economic development of Sri Lanka, through the resultant reductions in productions costs and through expanded productivity.

With regards to the exports sector, which is one of the leading foreign exchange earners of Sri Lanka, a similar lending rate reduction of 1 per cent has been put in place.

People's Bank hopes to help stabilize prices, boost local industries and encourage exporters in this sector, leading to overall economic growth and higher foreign exchange income.

The move extends to Sri Lankans employed in foreign countries as well. Loans granted against NRFC/RFC accounts will also enjoy a 1 per cent rate reduction.

It will undoubtedly encourage the businesses and the construction industries, into which their money is often utilized.

Shop, swipe and save at Keells super with American express

Nations Trust Bank PLC, sole licensed issuer of American Express Cards in Sri Lanka, has launched Shop, Swipe and Save - a value added offer to all American Express Card members which will be on offer at all Keells Super outlets island wide.

This joint initiative is a strategic partnership with the Consumer Foods and Retail Group of the John Keells Holdings PLC, and seeks to drive value and benefits to customers of both American Express(r) and Keells Super.

Valid until November 30, American Express(r) Card members can avail themselves to discounts and savings on all Keells and Elephant House meat products, Elephant House soft drinks, as well as Elephant House ice creams at all Keells Super outlets.

American Express Card members also stand the chance of having their entire shopping bill paid in full, each time they shop at a Keells Super outlet. Each time a Card member uses their Card, they will be entitled to a chance of getting their shopping bill paid in full.

With a winner being picked on a daily basis, shoppers stand a greater chance of winning based on the number of times they make a purchase using the American Express Credit Card. The first Wipe out Draw to select the winner for the month of October was held recently in the presence of officials from the Ministry of Public Administration and Home Affairs at Keells Super Crescat.

The 5 lucky winners were Joseph Fernando who shopped at Keells Super Negombo, Zakeer Hussain who shopped at Keells Super Nugegoda, Kolitha Piyadigamage at the Keells Super Pelawatte outlet, Maheel Gamage at Keells Super Mount Lavinia and Sharmila Welagedera at Keells Super Templers Road. Winners will be notified in writing, with the Wipe Out amount being credited and reflected in the following month's statement.

SMIB Bank expands branch network

The Kegalle branch of State mortgage and Investment Bank was opened by Minister for Finance and State Revenue Ranjith Siyambalapitiya on October 22 at Main Street, Kegalle. It is the 11th branch office of SMIB and is equipped with all modern facilities.

SMIB was established in 1931 due to protests made in front of State Council in 1929 for repossessing the lands and properties of innocent people of the country by Chettiars for non-payment of unconditional loans extended by them.

The State Council decided to establish Ceylon Mortgage Bank in 1931 to protect these people and extended loans to redeem the loans taken by the Chettiars. It also extended loans for agricultural purposes.

"Since then State Mortgage & Investment bank has provided housing loans to four generations and has became the Housing Bank to the Nation" stated Chairman, SMIB, Chandima Weerakkody.

"The bank had taken steps to expand it's branch network and had opened 5 new branches in the last 1 1/2 years of time and we hope to open 3 more branches before the end of this year.

The customers will have much comfort to reach a nearby branch of their residence to attend to their banking activities, such as depositing money to their Savings Accounts and repayment of loan installments," General Manager SMIB Ajit Weerasinha said.

Presidential Adviser, Jagath Balasuriy, The Chairman, Urban Council, Kegalle G K Samarasinghe were present.

ICICI Bank promotes local Masterminds

ICICI Bank, India's second largest bank, came forward to sponsor the recently concluded Masterminds Quiz that was organized by the Lions Club of Moratuwa Ratmalana, this being an annual event which has been organized by the Lions Club of Moratuwa Ratmalana since 1993.

This year's Quiz was won by Ruwan Senanayake and his team .

Speaking on the occasion, Club President, Lion Charuka Perera, said that he was indeed indebted to ICICI Bank for having come forward so readily to sponsor this event. " The fact that a leading global financial institution such as ICICI Bank was associated with us, gave us even greater impetus to carry this event to greater heights".

"We felt that by sponsoring this event we are helping to boost leadership qualities, intellectual skills and decision making abilities, not just among professionals but amongst school children as well, and ICICI Bank feels privileged to be associated with Sri Lanka Masterminds", said Country Head ICICI Bank, Prem Thampi.

ICICI Bank set up the International Banking Group (IBG) in the year 2002 to implement a focussed strategy for its international banking business.

Within a short span of five years, ICICI Bank's international presence currently spans 18 countries and includes wholly owned subsidiaries in the United Kingdom, Canada and Russia; offshore banking units in Singapore and Bahrain; a branch in Dubai, branches in Sri Lanka, Hong Kong,

Qatar and ICICI UK PLC branches in Belgium ; and representative offices in the United States, China, United Arab Emirates, Bangladesh, South Africa, Indonesia, Thailand and Malaysia.