Bankers should adopt international accounting standards

Maalik Aziz

Banking is the key in the financial sector and has shifted from traditional banking activities to more diversified avenues, Chairman, Bank of Ceylon, Gamini Wickramasinghe said at the launch of the 2007/2008 programme and the presentation of lifetime awards in banking organised by the Association of Chartered Bankers of Sri Lanka Trust held at the Ceylon Continental Hotel yesterday.

He also stated that all banking institutions in Sri Lanka should start using international accounting standards rather than conforming to outdated standards which are being currently used by most sectors within the economy.

CEO of DFCC Bank, Nihal Fonseka, was presented the Lifetime Award in Banking by the President of the Association of Chartered Bankers in Sri Lanka Trust S. H. Piyasiri. Fonseka said the efficiency of the banking industry has grown tremendously throughout the years and a vast improvement in efficiency in the industry is expected in the next 10 years.

He also encouraged all bankers to keep improving the knowledge of banking and motivate young bankers to pursue banking and financial studies.

The awards presentation to the winners of the Inter Bank quiz competition was also held yesterday. HSBC were the winners of the Inter Bank quiz competition while People’s Bank were placed runners up.