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Government Gazette

Among top five private banks in the country:

Seylan Bank, a model to the industry - CB Governor

Central Bank Governor, Ajith Nivard Cabraal said that Seylan Bank was a model for the entire banking industry locally and internationally as it has shown how it has recovered from the crisis. He was speaking after opening the Seylan Bank branch in Nelliady, Jaffna on Monday.

Central Bank Governor, Ajith Nivard Cabraal addresses the gathering at the Seylan Bank Nelliady branch opening.

Seylan Bank is now secure, stable and sustainable. During the financial crisis, President Mahinda Rajapaksa as the Finance Minister told the Central Bank that it could overcome this situation.

As a result the Central Bank took immediate action for its speedy recovery, he said.

The Pramuka Bank which had to face a similar situation took five years to resolve the problems, but where the Seylan Bank was concerned, the Central Bank reacted before it worsened and Seylan Bank remained sustainable, he said.

The Governor said that during the global economic downturn 100 USA banks collapsed and the British Government spent over 40 billion Sterling Pounds, which is double Sri Lanka’s Gross Domestic Production (GDP) and none of the banks in the country collapsed due to the global economic downturn.

We should understand that Sri Lanka too could fare well.

Seylan Bank had one of the biggest share issues in the country, which was fully subscribed.

Sri Lanka has to go a long way with a new era. It is rarely that we see a growing market with so much potential and we are glad that Sri Lanka is well poised.

The country’s per capita income is over $ 2,000 and within the next couple of years we hope that Sri Lanka could have a per capita income of $ 4,000, Cabraal said.

He said there has been marked development in the Northern Province since his last visit two months ago.

A motor-cycle businessman had sold 120 motor-cycles during the past week, which shows that people are ready to continue their normal livelihood that they always longed for and the banks will be the catalyst for the purpose.

He said the money attracted by the bank should be re-invested in the area itself. Lend to the people in the area and create more opportunities for investment, employment, and increase people’s income.

The financial institutes have to adopt a dynamic lending scheme. An impact must be made as the country has many opportunities.

Seylan Bank PLC Chairman, Eastman Narangoda said that the bank was among the top five private banks in the country. Despite the difficult times the bank is now more secure, stable and in a sustainable position.



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