Business Banking

HNB’s Pathum Udanaya to reward foreign currency savings with bigger prizes

Pathum Udanaya HNB’s prize draw for foreign currency savings account holders is back again for 2008 with another load of super prizes.

The prizes will be awarded in two categories - the Grand Draw and Super Draw.

Sri Lankans working abroad as well as locals who maintain NRFC/RFC Savings Accounts, NRFC/RFC Fixed Deposits and the Singithi Surakum Minor Foreign Currency Savings Account with HNB are automatically eligible for the draw if they maintain the requisite qualifying account balances.

The draw is scheduled to be held at the end of the year.

The Grand Draw is for account holders maintaining a minimum balance of US$500 in NRFC savings and Singithi Surakum Savings Accounts, US$ 1000 in a RFC Savings Accounts or US$ 2500 in NRFC, Singithi Surakum or RFC Fixed Deposits (or equivalent in other designated currency) with a week’s all-expenses-paid world tour for a family of four as first prize, 20 prizes of Rs. 100,000 each and 250 cash prizes of Rs. 20,000/- each to be won as well.

The Super Draw is for those who maintain a minimum of US$ 10,000 in NRFC and Singithi Surakum Savings Accounts and Fixed Deposits or US$ 15,000 in an RFC Savings Accounts/Fixed Deposits, with the equivalent of US$ 100,000 as first prize, and more prizes of 20 return air tickets for two to Malaysia/Singapore and one-sovereign gold coin each to 100 lucky winners.

“This is a great opportunity for Sri Lankans working overseas to save their hard-earned money and get rewarded too,” says Chief Manager -Remittances - Hatton National Bank, Kalum Wijesooriya.

“All too often earnings are spent with no thoughts of the future.

Saving in foreign currency gives them the advantage of currency appreciations together with our interest payment.

It’s an investment really. Pathum Udanaya is a great inducement, with a high chance of winning valuable prizes.”

Pathum Udanaya is HNB’s trend-setting competition for foreign currency savings account holders, and has been highly popular and successful since its first launch in 1999, with its specialty being giving very high value prizes to the winners.

It opened a veritable floodgate that induced thousands of expatriate Sri Lankans to the saving habit, giving them all the advantages of saving in foreign exchange in NRFC and RFC accounts.

A unique feature is that savers are entitled to multiple winning chances too depending on multiples of the minimum amount for entry, with the odds for winning very high compared to other competitive draws.

With a history of over 120 years, Hatton National Bank is Sri Lanka’s most vibrant private commercial bank and prides itself as a trendsetter incorporating modern technologies and adding great value to their products and services.

With over 160 customer centres and 150 ATMs island-wide, the Bank continues to play a leading role in the nation’s economy.

NSB Completes 3 Year Strategic plans with MTI

National Savings Bank (NSB) has crafted the blueprint for its future with the help of MTI Consulting.

The strategic planning assignment commenced in September was concluded within three months, outlining the road map of NSB into the next three years taking into account the highly-competitive financial services industry and economic and socio-demographics of Sri Lankans.

NSB has a strong network across Sri Lanka in reaching out to the general public with 114 main branches, 8 postal banking branches, 8 savings shops, 263 school banking units directly under the purview of NSB. NSB serves 15.1 million account holders captured through the various touch points of its retail banking network.

MTI Consulting with its fast experience in financial services consulting across the Middle East and South Asian region having worked closely with global giants.

For the second consecutive year, Mckinsey, Fitch and MTI Consulting took centre stage at the World Islamic Banking Conference (WIBC) by presenting their research based studies of the state of the Global Islamic Banking Industry at the14th World Islamic Banking Conference held recently in Bahrain

The project with National Savings Bank is the latest in MTI Consulting’s suite of strategic planning projects that includes clients from Bahrain, Bangladesh, India, Malaysia, Mexico, Pakistan, Sri Lanka, UAE and UK. MTI has provided consulting solutions to clients in over 275 projects in 32 countries across five continents.

Interest rates softening in March: BoB chief

The Indian banking system has seen some slowdown in consumer loans since there has been a hardening of interest rates in the country, but after March some softening of home/consumer loan is expected, says a top banker.

Since inflation is manageable, the banks can relook at interest rates, said Anil K Khandelwal, Chairman and Managing Director, Bank of Baroda.

“Credit growth in 2008 is slightly less, but there has been no impact of the US sub-prime on the Indian economy. Economy is growing and is on course to achieve 9 per cent growth,” said Khandelwal, who is on a Dubai visit.

The high deposit rates are preventing the lowering of the rates, but in the medium-term rates should be stable.

PTI

L B Finance extends operations to Matara

LB Finance, pursuing its strategic island-wide expansion drive, opened its 14th branch, at Station Road, Matara.

The company intent to become the dominant colossus in the industry by offering highest value products with excellence of service and prompt, express processing.

Backed by a 36-year track record of financial performance, their range of products include fixed deposits, real estate, finance leases, operating leases, term loans, letters of guarantee, pawn broking and the express Western Union international money transfer facility.