Daily News Online
   

Tuesday, 6 March 2012

Home

 | SHARE MARKET  | EXCHANGE RATE  | TRADING  | OTHER PUBLICATIONS   | ARCHIVES | 

dailynews
 ONLINE


OTHER PUBLICATIONS


OTHER LINKS

Marriage Proposals
Classified
Government Gazette

‘Banks must benefit from Asia’s emergence’

The local banking industry needs to reap maximum possible benefits in the face of Asia's emergence as a global economic giant whilst rapidly expanding its footprints across the region, DFCC Bank Chief Executive Officer Nihal Fonseka said at the CEO's forum organized by the Institute of Charted Accounts of Sri Lanka yesterday.

The theme of the CEO's Forum was ‘Regulation, too big to fail and the future of global financial services’. Speaking at the event ,Fonseka said the entry of Sri Lankan banks into the global market is a highly regulated business where we will have to follow and adopt certain regulations.

It is no easy task to enter a another market , sometimes the size of the industry becomes a major impediment for us to penetrate another market. Being a small player, local banks would find it quite difficult to expand its presence in the region rather than a big player.

Touching on the current state of the Sri Lankan banking industry, Fonseka said ,we have mostly been catering to the local segment .With peace and stability in the country, we see great prospects in the economy and the financial segment of the country as a whole, however , the prosperity of Sri Lanka will depend on how we blend into the trends in Asia .

In the face of Asia's emergence as a one of the vibrant economies in the world ,Asian financial institutions including banks have adopted different strategies to be on par with its counterparts in the EU and USA. Banks in South Asia have diversified into retail banks and investment banks during the past couple of years by increasing their capital base, footprint while building business partnerships with global giants in similar industry.

In addition, banks need to have quality and adequate assets to meet the medium and long term requirements while improving the liquidity of banks together with the stipulated principles. To reap the benefits from the present context in the Asian finance market, banks will have to increase its footprint in the region while revamping its risk management practices and management sophistication,”Fonseka said.

Australia's Westpac Banking Corporation, Head of Risk Reward, Edmund Bosworth also shared an Australian perspective on how the avalanche of regulation is changing more than just the structure of bank balance sheets , but the culture of the bank themselves. He also set out the arguments for and against formalized state intervention in the financial system and reviewed the alternative pathways that banks and regulators in different geographies may choose to follow.

EMAIL |   PRINTABLE VIEW | FEEDBACK

Kapruka - Mobile Reloads
Executive Residencies - Colombo - Sri Lanka
www.srilanka.idp.com
www.apiwenuwenapi.co.uk
LANKAPUVATH - National News Agency of Sri Lanka
www.army.lk
Telecommunications Regulatory Commission of Sri Lanka (TRCSL)
www.news.lk
www.defence.lk
Donate Now | defence.lk

| News | Editorial | Business | Features | Political | Security | Sport | World | Letters | Obituaries |

Produced by Lake House Copyright © 2012 The Associated Newspapers of Ceylon Ltd.

Comments and suggestions to : Web Editor