CDB re-launches with new identity

Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal yesterday inaugurated the new Head Office of the Citizens Development Business Finance Ltd (CDB) at Sri Sangaraja Mawatha, Colombo 10, amidst a gathering of senior officials of the Central Bank of Sri Lanka together with the Directors, Management, Staff and valued customers of the CDB.

The CDB is registered under the Finance Companies Act No. 78 of 1988.

Chief Executive Officer of the CDB Mahesh Nanayakkara said that the new name, new logo and new premises reflect a new era of change.

"This is the beginning of a new journey as a truly Sri Lankan corporate citizen, as we re-iterate our commitment to be a true and trustworthy friend to all our customers. CDB's customers can now look forward to an exciting range of financial services under the new CDB brand", he said.

"As a financial institution serving the rural and urban communities, our reach has been expanded to 30 outlets covering all major cities in the island, thus enabling us to offer customers a comprehensive range of financial services and solutions", Nanayakkara said.

The CDB which was a virtually an unknown and tiny player in the financial services industry in Sri Lanka with a revenue of Rs. 25mn and an asset base of Rs. 276mn in 2001, has grown to be a strong player with an annual revenue exceeding Rs. 1.6bn, total assets exceeding Rs. 6.8bn and recording a net profit after tax of Rs. 65mn for the year ended December 31, 2008 as per the audited accounts of CDB.

CDB's Marketing Manager Karthik Elangoven said, "We have been able to reach this enviable position due to one primary reason, and that is the unbroken patronage extended by our valued customers, over these years.

As we look forward to their partnership, patronage and support in the years ahead, we assure our customers the highest standards in service and professionalism in our ongoing endeavours to continually provide optimum value."

With these changes, the CDB will forge ahead as a force to reckon within the financial services industry in Sri Lanka, as an independent financial institution directly regulated and supervised by the Central Bank of Sri Lanka.