Banking

NSB grows from strength to strength - Chairman

Truly epitomizing their corporate theme “The leader in developing you and your country”, National Savings Bank (NSB) has grown from strength to strength in its long journey and now could easily be identified as, not only the nation’s saver, but also truly a more than significant contributor to the national economic drive.

In 2010, one year after a senseless thirty year old civil war had ended, with the dawn of total peace to the motherland, NSB due to absolute necessity, specifically with a view to meeting the volatility of the financial market and corresponding challenges and also with a view to being prepared for the economic resurgence and accelerated development programmes, considered the year as a year of change and evolved ourselves from being a passive player to a much more vibrant entity in the financial sector.

Correspondingly, NSB also set themselves a practically achievable goal in 2010, to be achieved by end 2012, for them to attain the position of best managed, best administered, most respected and the most profitable financial institution in Sri Lanka.

The results they have achieved so far in elevating themselves to the above position have been extremely encouraging and today, when they are commemorating 40 years of their existence in serving the nation,the journey they have traversed so far and the journey they have to traverse in the future, attains that much more significant importance.

From an overall point of view, whilst it would be noteworthy to indicate that the key strategic initiatives the bank took in 2010, for this prestigious financial institution to be elevated to greater heights by end 2012 and even beyond have had encouraging progress correspondingly, it would also be worthy to mention of an exceptionally important project they have in operation as at now, which provides the much needed platform and impetus from an overall contribution point of view, to three significantly important interlinked national objectives.

Coinciding with the World Thrift Day which falls every year on 31st October, in 2010 NSB introduced to all Sri Lankans with their long term associate the Sri Lanka Post, a joint interest bearing savings scheme by the name of SMILE. SMILE is marketed through essentially the main post offices and sub post offices total of which, is approx. 4200. This has given NSB an unprecedented and an unparalleled network not only since the network is spread throughout the country, but more importantly, since in the majority the network could be considered as reaching the rural most peripherals of the country, giving absolute meaning and substance to their foundation, which is to provide a platform for each and every Sri Lankan to save, to self and family to benefit and thereby be a proud stake holder of the country’s development activities, primarily focused at encouraging the rural based small savings. The national based clearly drawn up objectives are the savings distribution percentage to be increased from the present level of 18% to 25% to make it more meaningful, the need to establish approx. 500,000 village based entrepreneurs and the absolute need for our per capita income to be raised from the present level of US $ 2400 to US $ 4000. It is envisaged that the above objectives are earmarked to be achieved by 2015 – 2016 and the SMILE project in its first phase, would also be up to this period. The SMILE interest bearing savings scheme subsequent to fulfillment of certain criteria, is designed to evolve as a small and medium enterprise type loan scheme between the values of Rs. 5000 to Rs. 100,000.

NSB is extremely confident that the operational modalities of SMILE would in no uncertain terms give vent tothe bank being one of the most significant contributors to the given national objectives and its achievement during the specified period.

The bank has come to stay not only as a strong and stabilized outfit, but more importantly as a catalyst and a pivotal body of Sri Lanka’s economic drive, in the country's quest in achieving the status of “Asia’s Wonder”.

The level of trust and confidence each and every Sri Lankan has on NSB is unprecedented and true testimony could be had from the fact that the bank enjoys almost 17million of multiple / triplicate etc. accounts and approx. 7 ½ million to 8 million of single accounts of all Sri Lankans.

National Savings Bank's strongest pledge to the Sri Lankan government as well as each and every Sri Lankan would be that the bank will continue to deliver excellence and add value to their lives in the future as well, as the bank is doing now and have done in the past.

NDB partners United Motors Lanka PLC

National Development Bank PLC (NDB) recently partnered with United Motors Lanka PLC to offer leasing facilities for Mitsubishi Fuso commercial vehicles.

NDB Leasing can be obtained with the unique benefit of not requiring guarantors or down payments. Further, the processing of the facility is done in one day, enabling customers to drive away with their preferred Mitsubishi Fuso truck. Customers can pay from as low as Rs. 2164 per month with VAT for every Rs.100,000 obtained while the lease could go on to as much as 6 years.

United Motors Lanka PLC is a leader in Sri Lanka’s automotive industry and is the sole distributor for brand new Mitsubishi vehicles in the country. The company, which has been marketing Fuso trucks for over 20 years now has over 30 models for one to choose from. The uniqueness of the Fuso range is the product quality, reliability not forgetting the resale value.

NDB was the pioneer in introducing revolutionary benefits to its leasing product last year. NDB Leasing created waves within the industry with its no guarantor, no down payment and one day processing policy.

NDB remains dedicated to bringing its customers one step closer to accomplishing their life long ambitions through the range of services that is accessible via its growing branch network. Further details on NDB’s products and services can be obtained from NDB’s 24 hour Call Centre, by visiting NDB’s trilingual website on www.ndbbank.com

This special offer is valid until June 2012 and is available through all NDB and United Motors branches island-wide.

CDB opens in Trincomalee

Citizens Development Business Finance PLC (CDB) recently consolidated its presence in the Eastern town of Trincomalee, thereby offering its bouquet of products and financial services to the people of the city and surrounding areas.

Operative at Central Road, Trincomalee, this new outlet is equipped with all modern facilities and enables speedy access via sophisticated technology. Supporting real-time service for customer requirements, it also facilitates better convenience and allows clients to experience CDB's multi-layered financial solutions.

Present on the occasion were CDB'S Managing Director cum CEO Mahesh Nanayakkara, Director cum Chief Financial Officer Damith Tennakoon, Director cum Chief Operations Officer Roshan Abeygoonewardena, Director cum Chief Marketing Officer Malcom Weerasuriya, Director cum Chief Credit Officer Sasindra Munasinghe and several well-wishers, including numerous residents of the area.

“This new outlet further widens our existing network across Sri Lanka and brings the number to 34”, commented Chief Marketing Officer Malcom Weerasuriya. “Trincomalee is gaining tremendous importance as an economic hub in the Eastern province. With tourism flourishing and on a buoyant high, Trincomalee is also experiencing a great deal of vibrant economic activity. We are committed to extending our services to uplift the livelihood of the local community by providing an array of financial solutions to small and micro scale enterprises”. Weerasuriya added.

In recent months, as part of CDB's strategic growth drive, its outlets at Ja-ela, Kandy, Gampaha, Chilaw and Embilipitiya were relocated and refurbished to service clients even better. With 34 online-connected customer touch points across Sri Lanka, CDB now sets its own trend, forging ahead as a strong player within the financial services industry of this country.