Business Banking

Exclusive unit for women:

Sampath Bank opens branch in Akkaraipattu

M.A. Phakurdeen, Addalaichenai Group Correspondent

Sampath Bank opened its 111th branch at Akkaraipattu recently.

The Chairman of the Bank Edgar Gunathunga who participated as the Chief Guest opened the branch.

Gunathunga said he was happy to open this branch in Akkaraipattu which is traditionally an agricultural area and equally concentrating on fisheries, business and other small industries.

“People who experienced natural calamities and war have now settled down, peacefully waiting for development and prosperity in their day to day life.

At this juncture, what they want is development process in agriculture, fishing and business. Sampath Bank fulfills the needs of all categories on the interests of their needs and aspirations,” he said.

He also said the important feature of Bank in Akkaraipattu is the separate unit exclusively for women in the area.

“This paves the way for ladies especially Muslim women to walk in here and to do their transaction in a free manner without any inconveniences.

This is first of its kind in Sri Lanka and Sampath Bank takes that credit,” he said.

Assistant General Manager, Co-op. Credit, Hiranthi de Silva opened the Women’s Unit of the Bank where a large number women from all three communities were present to open their accounts. Senior Officers of Sampath Bank including Non-Executive Director Lakshman J.K. Hettiarachi were also present.

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Furnish your home with Standard Chartered credit cards

Standard Chartered Bank Sri Lanka partners with Modern Homes in an exclusive partnership to offer its credit cardholders an interest free instalment plan on their purchases at any Modern Homes outlet. Standard Chartered credit cardholders can enjoy discounts of up to 15 per cent as well the option of stretching their payments for up to 12 months, at no interest.

This is yet another key partnership offered by Standard Chartered Bank in its commitment towards enhancing value for its credit cardholders by providing them with the best combination of value added services and privileges coupled with convenience.

“We understand that renovating and furnishing households can be an added financial strain; that’s exactly why we decided to partner Modern Homes. It’s just one more step we take to make sure that we give our credit cardholders the best privileges by offering them convenience and an affordable solution,” said Head of Credit Cards for Standard Chartered Bank Sheahan Arasaratnam.

“We are pleased to tie up with Standard Chartered Bank and are confident that the promotion will be of tremendous success to customers and to both organisations.

Standard Chartered credit cardholders can experience this exclusive offer on our new furniture ranging from sitting room suites, bedroom suites, dining sets, wardrobes, dressing tables, display units, children’s furniture,” Channel Head, Modern Homes, Induka Perera said.

This offer is valid up to the September 15 at Modern Homes Ratmalana, Kotte, Colpetty, Maharagama, Kalutara, Galle, Matara, Ratnapura, Negombo, Kurunegala, Wennappuwa, Nuwara Eliya, Badulla and at any of the nine Singer Mega Modern Homes outlet islandwide.

Standard Chartered Bank has also partnered with Triumph International for an exclusive deal of a 20 per cent discount on the total bill, till the August 31.

This offer is available at the Triumph International head office located at Alfred House gardens as well as their Crescat and Majestic City outlets. Standard Chartered Bank was the first to introduce ‘Smart Cheque’, affording Cardholders the convenience of obtaining a pay order or cheque issued by debiting the Cardholders Credit Card account.

The Smart Cheque will be drawn favouring any establishment or individual and Cardholders can request cheques from the bank to be issued to establishments which do not accept Credit Cards. Some of the instances when ‘Smart Cheque’ could be used include tuition payments to educational institutes, housing rent or lease or even for air fare.

In order to provide ‘True Value’ to its Cardholders, Standard Chartered Bank has also partnered with several other establishments for discounts up to 25 per cent. These year-round savings are valid up to December 31 and range from a holiday in the cultural triangle, fine dining and entertainment for the whole family.

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ICICI Bank assets cross US $ 100b

The Board of Directors of ICICI Bank Limited approved the audited accounts of the Bank for the quarter ended June 30, 2008.

Core operating profit (operating profit excluding treasury) for Q1- 2009 increased 74 per cent to Rs. 2,308 crore (US$ 536 million) from Rs. 1,330 crore (US$ 309 million) for the quarter ended June 30, 2007. Net interest income increased 41 per cent to Rs. 2,090 crore (US$ 486 million) for Q1-2009 from Rs. 1,479 crore (US$ 344 million) for Q1- 2008.

Fee income increased 37 per cent to Rs. 1,958 crore (US$ 455 million) for Q1-2009 from Rs 1,428 crore (US$ 332 million) for Q1-2008.

Sharp increase in interest rates and adverse market conditions during the quarter had a negative impact of Rs. 594 crore (US$ 138 million) on the Bank’s trading portfolio and Statutory Liquidity Ratio(SLR) securities portfolio, and its treasury income in Q1-2009.

Despite the negative impact on the Bank’s treasury income, profit after tax for Q1-2009 was Rs. 728 crore (US$ 169 million) compared to Rs. 775 crore (US$ 180 million) for Q1-2008.

At June 30, 2008, ICICI Bank and its subsidiaries had consolidated total assets of Rs. 484,643 crore (US$ 112.6 billion).

Savings account deposits increased 35 per cent to Rs. 43,465 crore (US$ 10.1 billion) at June 30, 2008 from Rs. 32,121 crore (US$ 7.5 billion) at June 30, 2007.