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MBSL Management Council to secure F & G Group

Merchant Bank of Sri Lanka said that it signed a Memorandum of Understanding with Finance & Guarantee Group with the consent of Cental Bank of Sri Lanka to set up a Management Council to conduct business operations of Finance & Guarantee Group to assure the security of the deposits and investments of its clients.

This was stated by MBSL Chairman Janaka Ratnayake and CEO Gamini Karunatillake at a media conference held at Fingara on March 2.

The Management Council would encompass three companies of the F&G Group, The Finance & Guarantee Co. Ltd., F&G Property Developers (Pvt) Ltd. and F&G Real Estate Co. Ltd. The Finance & Guarantee Co. Ltd. was entrusted to Ceylinco Consolidated in 1989 at the behest of the Central Bank of Sri Lanka, since it was marked for liquidation 20 years ago. Since its resurrection, the financial institution was however well on its way to success.

In the wake of concerns by depositors of Sakvithi and Golden Key, the investors of F&G also started to withdraw their funds since December 2008. The Company's investments in real estate and property development have been virtually stagnant due to the downturn in the property market in recent times.

No financial institution in the world would be able to dispose their assets immediately, in the event there is a run on the deposits and investments. The Finance & Guarantee Group is an asset-rich company and has adequate assets to meet the liabilities of its depositors and investors.

The Company thus approached the Merchant Bank of Sri Lanka to step in to support the Company to overcome the present crisis. Merchant Bank of Sri Lanka, will provide its management inputs in terms of expertise, guidance and advice to restructure the Finance & Guarantee Group.

The Management Council of Merchant Bank of Sri Lanka which has been set up with the approval of the Central Bank of Sri Lanka will work out and announce a plan and package of payment to investors of Finance & Guarantee Group during the month of March. This partnership will ensure the security of deposits and investments of its customers.

HSBC Premier launched in the Maldives

HSBC Premier was launched in the Maldives in February 2009 to offer its personal banking customers Premier services through the newly established international banking centre.

The Premier centre was declared open by Chief Executive Officer of HSBC Sri Lanka and the Maldives, Nick Nicolaou, together with the staff and HSBC customers.

This initiative includes exclusive customer areas to ensure customers have the right amount of personal attention, interaction and privacy. It is also backed by a team of knowledgeable and qualified Relationship Managers who will assist customers in making informed choices with all their banking and investment needs, providing a truly one-to-one banking service. Nicolaou said, "We estimate there are around 200 million mass affluent consumers in the world today and that number is growing rapidly, by as much as 20 per cent a year. These customers are highly mobile, sophisticated and knowledgeable. HSBC, with operations in 83 markets, is the only bank in the world that could provide them with the seamless international service they need."

"HSBC Premier", Breaking down international barriers, HSBC Premier offers seamless cross-border banking and the promise that customers can, for the first time, take their accounts, credit history and banking relationships with them wherever they choose to live and work.

The new global Premier service brings with it a host of enhanced services, which include:

* A Premier customer in anyone country is automatically entitled to join Premier in other countries/territories with the minimum entry requirements waived.

* Arrange the opening of overseas HSBC accounts free of charge at the International Banking Centre prior to departure

* A wide range of local shopping, dining, hotel and recreational privileges and discounts are available when customers travel overseas through HSBC's Home and Away programme.

* Access to a 24-hour worldwide emergency service, which can provide credit card replacement and emergency cash up to USD2000.

* A 24-hour service centre catering exclusively to Premier Customers so that customers get expert advice at any point of time.

First woman General Manager of CEB feted

The first Lady General Manager of the Ceylon Electricity Board was felicitated by the members of the Women Engineers' Forum of the Institution of Engineers, Sri Lanka recently.

The Women Engineers Forum (WEF) of the Institution of Engineers, Sri Lanka (IESL) was formed to encourage the increasing number of women engineers, in their professional development. The appointment of a female Engineer to the chief executive position in the CEB was a source of encouragement and inspiration to women engineers in this country, who aspire to the highest positions in their professional careers.

On October 8, Eng (Ms) Badra Jayaweera took over the general managership of this institution after serving in different capacities for well over three decades.

Eng (Ms) Jayaweera joined the CEB in 1977 on completion of the bachelor's degree (Honours) in Electrical and Electronic Engineering from the University of Peradeniya. She is a Chartered Engineer, a Member of the Institution of Engineers Sri Lanka, a Fellow of the Institution of Engineering and Technology United Kingdom, and holds a postgraduate Diploma in Industrial Engineering. Badra has played a significant role in the IESL's WEF from its inception.

Lux offer marks International Women's Day

Lux will have an exclusive online offer for women to celebrate the International Women's Day.

The offer is on from 8 a.m on Sunday March 8 until 11.59 p.m, Monday March 9 where women can log on to the website www.playwithbeauty.lk to participate in the beauty quiz.

Prizes include the new range of Lux soap and shower creams.

Unilever's Assistant Brand Manager for Lux, Nuwan Widyapathige said. "We are delighted to offer all women who log on to the site free Lux gift packs and what better day than the global day that recognizes and connects women from all walks of lives. Play the beauty game and get your hands on the new improved range".

Unilever and the brand finds social networking and online media essential for consumer expression and connectivity. The new site www.playwithbeauty.lk will be a one stop site for the latest happening and trends in beauty, fashion with tips and exclusive interviews.

Deals for Standard Chartered Gold

Standard Chartered Bank Sri Lanka has partnered with Singapore Airlines for exclusive travel deals for their Gold Credit Cardholders.

Standard Chartered Gold Credit Cardholders will enjoy discounts from 15% to 20% on Business-class and Economy-class fares on Singapore Airlines from a range of destinations that includes Singapore, Hong Kong, Manila, Perth, Los Angeles, Shanghai and many more locations. This special deal is applicable to all Standard Chartered Gold Credit Cardholders who are also existing KrisFlyer members.

Standard Chartered Gold Credit Cardholders, who are not KrisFlyer members, may easily apply to be one in order to enjoy this offer.

This offer for Standard Chartered Bank Gold Credit Cardholders is a limited promotion which is valid till March 28 and tickets will be available at the Singapore Airlines Ticket Office.

Travel arrangements in relation to this offer must commence before April 30.

"We have joined Singapore Airlines, for special deals for our Gold Credit Cardholders which will make spending with a Standard Chartered Gold Credit Card a more rewarding experience", said Head of Credit Cards for Standard Chartered Bank, Sheahan Arasaratnam.

Earlier this year, Standard Chartered Bank partnered Singapore Airlines renowned frequent flyer program, KrisFlyer, to offer its Gold Credit Cardholders even more redemption options on their Bonus Points program.

The Bank's Bonus Points program offers true value to cardholders. Every Rs. 100 spent on purchases both locally and overseas is awarded 1 Bonus Point. Cardholders have the privilege of earning one full rupee for every Bonus Point earned. Now with the addition of KrisFlyer, Standard Chartered Gold Credit Cardholders can opt to redeem the accumulated bonus points for KrisFlyer miles. One Bonus point will equal one KrisFlyer mile. KrisFlyer miles can be redeemed for free flights on over 20 world class airlines to more than 890 destinations in 160 countries. KrisFlyer miles can also be redeemed for free flight upgrades on Singapore Airlines.

LOLC wins

LOLC (Lanka ORIX Leasing Company) won the first prize at FMO's (Netherlands Development Bank) Asset and Liability Management (ALM) Competition 2008.

This is the second year that FMO organized this competition together with DEG and in cooperation with SIMARCH training. Banks from emerging markets of 25 countries around the world were challenged to participate in an online ALM simulation. After an intense final-round of competition, LOLC emerged the winner.

The ALM competition is part of FMO's continuous investment in capacity building of the Financial Services Sector in strategic regions. Building ALM capabilities is specifically important, as it enables local banks and financial institutions to meet the needs of budding local entrepreneurs effectively. The members of the LOLC Team were Rohan Perera -Group Chief - Treasury, Sanjaya Kalidasa, Dulip Samaraweera and Maheshika Bandara.