ADVERTORIAL

Sampath Bank new branch opens in Mahawa

Sampath Bank Director Deepal Sooriyaarachchi presenting a token of appreciation to one of the first depositors at the opening ceremony.

The 197th branch of Sampath Bank PLC was opened on Moragollagama Road, Mahawa. The opening ceremony was attended by Sampath Bank Director Deepal Sooriyaarachchi as chief guest and other senior bank officials.

Mahawa is renowned for a bounteous economy based on agriculture. Paddy, coconut, cashew, maize and other dry zone grains are predominantly cultivated by the farming communities in Mahawa and the surrounding areas supporting the national economy and supplying healthy, nutritious food to the country. Being the main transit point from Colombo and Northern Sri Lanka, Mahawa town is always abuzz with activity. With several development projects taking place such as reconstruction of irrigation canals and water tanks, renovations of roadways and railway tracks the town is setting up for a gigantic economic boom.

Foreseeing the potential for technology driven, flexible and fast banking services in the area, Sampath Bank has made a timely contribution to step up the growth of the economy in the area by opening their latest branch in Mahawa.

ComBank reduces interest on Gold Loans

The Commercial Bank of Ceylon has slashed its interest rate on Gold Loans by three percentage points, significantly enhancing the value of this precious metal as a means of raising funds at short notice for any business or personal purpose.

The Bank rated internationally as Sri Lanka's best, has announced that interest on Gold Loans has been cut from 14 percent per annum to 11 percent, enabling borrowers to raise money at less than 1 percent per month, one of the lowest rates for Gold Loans in the country.

Simultaneously, the Bank has substantially increased the value of the advances for 22kt and 24kt gold sovereigns for loans above Rs 10,000.

"Gold Loans can be obtained faster and at a lower cost and are therefore more attractive than options such as overdraft facilities and regular loans," Commercial Bank Personal Banking Assistant General Manager Vimal Fernando said. "With the introduction of these benefits, Commercial Bank's Gold Loans have emerged as one of the most convenient and affordable methods to obtain funds for any financial purpose," he said.

He pointed out that by offering these loans for advances of Rs. 10,000 upwards, the Bank has enabled a wide cross section of customers to use this facility.

Commercial Bank's stature as one of the most stable financial institutions in the country further increases the attractiveness of the option of obtaining Gold Loans from the Bank as it ensures high security for gold jewellery deposited at the Bank to obtain loans, Fernando added.

Gold Loans can now be obtained from 154 Commercial Bank service points islandwide. All necessary facilities to protect the privacy of customers including a separate, dedicated cubicle and sophisticated equipment to test and weigh gold are available at these units which are staffed by personnel trained by industry experts to advise and serve customers.

Some of these branches offer holiday banking thus enabling customers to obtain Gold Loans even on Saturdays.

Colombo Olcott Mawatha Coconut and King Coconut Traders Association presented Bank of Ceylon Lama Ran Kekulu Pass Books and school equipment to sixty students from Colombo Town at the BOC City Office Auditorium recently. Here, the Presidential Secretariat Trade Union Director General Bharatha Lakshman Premachandra hands over Pass Books and school equipment to a student. Presidential Secretariat Assistant Secretary Hemasiri Jayalath, former Colombo MC member Prasanna Sampath, BOC City Office Acting Manager P. Piyaratne, Assistant Manager W. D. Ariyasena and Traders Association Treasurer R. Sarath Chandra were also present. The Pass Books were sponsored by the BOC City Office. Malwana Group Correspondent – Mahanama Vithanage