BANKING

Commercial Bank goes to Marawila

Sanath Bandaranayake, Deputy General Manager – Operations of Commercial Bank accepts a deposit from a customer at the new branch. The Manager of the Marawila Branch Thushara Jayaratne and the Bank’s Senior Regional Manager Colombo North - W R Srikantha looks on.

The opening of the first new service point of the Commercial Bank of Ceylon in 2012 took place recently in Marawila, expanding the Bank’s islandwide presence to 214 service points.

The new service point, located at Horagolla, Marawila is equipped with two Automated Teller Machines that are linked to the Bank’s network of 500 ATMs.

The Marawila service point offers all facilities available at other Commercial Bank customer service points including Savings Accounts and Fixed Deposit schemes with attractive interest rates, special Minor and Teen Saver Accounts, Accounts for senior citizens, collection of inward remittances (e-Exchange and MoneyGram), opening of Foreign Currency Accounts (NRFC, RFC and FC Plus Accounts) and pawning.

Commercial Bank is the largest private bank in Sri Lanka, and the only Sri Lankan Bank listed in the world’s Top 1,000 Banks. It operates a network of 214 service points in Sri Lanka and the country’s single largest network of 502 ATMs.

The Bank has been adjudged ‘Best Bank in Sri Lanka’ for 13 consecutive years by ‘Global Finance’ Magazine and has won multiple awards as the country’s best bank from ‘The Banker,’ ‘FinanceAsia,’ ‘Euromoney’ and ‘Trade Finance’ magazines.

MOA signed with Youth Business Sri Lanka:

Standard Chartered takes financial literacy to Jaffna

Standard Chartered Bank, in furtherance of the Memorandum of Agreement (MOA) signed with Youth Business Sri Lanka (YBSL), a project of the Ceylon Chamber of Commerce (CCC), conducted a session on financial literacy around the program theme “Generating Business Ideas”, for women entrepreneurs in Jaffna recently. The session is the first of a series planned, and is a reiteration of the Bank’s commitment to building capacity on basic business skills, financial capabilities and providing access to business networks, in the North and East of the island.

Members of the Standard Chartered Bank team and the Chamber of Commerce Yarlpanam; Standard Chartered's Siva Marimuthu conducting the session.

The team from Standard Chartered Bank, which included CEO Anirvan Ghosh Dastidar, who visited Jaffna, were hosted by Kanagasabai Pooranachandran and S. Yogarajah Singham, Chairman and CEO respectively, of the Chamber of Commerce and Industries of Yarlpanam. Anirvan Ghosh-Dastidar addressing the gathering said “Micro-finance is a key area for development of entrepreneurship, essential for Sri Lanka’s overall economic development. We are enthusiastic that these businesswomen will lead the way in their generation of young entrepreneurs, engendering self reliant, successful enterprise.”

The credit scheme, managed by YBSL will help entrepreneurs disadvantaged through lack of access to capital, to enhance their businesses while start-ups will gain from the several workshops and seminars jointly organized with the Jaffna Chamber of Commerce.

The session was conducted by Standard Chartered’s Siva Marimuthu, Country Head of Audit and was attended by 19 businesswomen. Commenting on the program, Siva said: “As a bank, we were privileged to be afforded the opportunity to speak to young entrepreneurs and share financial planning insights and guidance, which will assist them to maximise the use of funds obtained via credit schemes.”

Standard Chartered Bank will continue to share financial knowledge and expertise as well as business counselling, with the Jaffna entrepreneurs with start-ups and existing businesses, to improve livelihoods and provide platforms from which small scale enterprise can enter the mainstream of developmental activities, in keeping with its brand promise, Here for good.

Nations Trust Bank celebrates Annual Retail Awards Night

The Retail and SME division of Nations Trust Bank celebrated the Annual Retail Banking Awards recently amidst an evening of glitz and glamour.

Staff of Nations Trust Bank at the excellence awards night

This unit has made a contribution to the banks bottom line with a 200 million Profit before tax, 50 billion in deposits and 10 billion in assets. This event was the platform at which staff that excelled was recognized. The glowing evening kicked off with the chief guest Director and CEO of NTB, Saliya Rajakaruna, Deputy CEO Ms Renuka Fernando, and DGM Retail and SME Banking Ms Keshini Jayawardena being ushered in, through a glowing welcome parade escorted by the Senior Management of the Retail and SME division.

The lighting of a high tech lamp with the use of an iPad took place in the form of flames depicting the ignition of team spirit.

This division succeeded in rolling out the highest number of branches in 2011 with focus on key areas such as expansion of credit facilities across the branch network, the roll out of Pawning services and the signing up of many worldwide partners to broad base Remittance services. Initiatives such as the launch of ‘Nations Business Centre's’ were also a key milestone that enabled Nations Trust Bank to gain recognition as an SME player in the market catering to the business community.

Awards were presented to a set of individuals and teams who emerged as overall winners in the Grammy Category whose contributions reflected in the fields of sales, profitability, service and business impact.

Commenting at the Awards Ceremony Director and CEO Saliya Rajakaruna stated, “This team of professionals put together an excellent performance in 2011 to achieve their targets. I am proud that our Retail and SME division is equipped with such high performing individuals with positive attitudes whose untiring efforts has shown results and has rewarded them with recognition this evening.”

Asia Asset opens at Killinochchi

Asia Asset Finance Limited (AAF) opened its 10th branch in Killinochchi recently. The company commenced trading in the Colombo Stock Exchange on 10th January 2012 and was listed in the Diri Savi Board of the SEC as per the regulatory requirements.

The share priced at Rs 2.50 at the IPO reached an unprecedented Rs 8.60 in the first week of trading in a declining stock market, proving that AAF is an unconventional Finance Company true to its promise.

As presented in the Business Plan of the IPO Prospectus, Killinochchi is the first branch opened in 2012 along with other proposed branches in Kalmunai, Ampara, and Mullaitivu to commence operation in due course.

AAF currently operates in Jaffna, Kurunegala, Negombo, Wennappuwa, Gampaha, Moratuwa, Kalutara, Galle, and Batticaloa. With its expansion, the company plans to cover the entire North and East region.

With the new branch, the company hopes to enrich lives of people who suffered from a brutal 30-year war.

The company also hopes to support the Government's initiative of rapid development in the area to revive the livelihoods of people who are in dire need of financing for development.

The branch was declared open by Deshabandu Dayananda Muthukumarana, former Chairman - AAF and Director - Asia Capital PLC (Holding company of AAF) and Rajiv Gunawardena - Director and CEO - AAF.

The new branch will offer fixed deposits, agro finance, leasing, hire purchase, group personal loans, micro finance and mortgage loans and is centrally located at Kandy Road (A9), Killinochchi. True to its promise of providing unconventional finance solutions, the company has arranged to approve Credit Applications within a day and solutions offered will be tailor-made to suit individual requirements and cash flow.

“AAF boasts of 40 years of trust and stability. The success of AAF is the success of our customers. The company's uniqueness stems from its ability to innovate.

"Our products are not generic, they are tailor-made and customized to cater to individual requirements of our clients. Killinnochchi is a city with great potential and we believe that we would be able help harness the true potential of the people of Killinnochchi through our unique products and services,” said AAF Director and CEO Rajiv Gunawardena in his speech at the opening ceremony which was well attended by the prospective customers of the area.

The first day proved a soaring success well above set targets.

“AAF has recorded a net profit of Rs 80 million in the Financial Year 2010 and 2011 and well on track for the current years goals. With its flexibility, product range and fast delivery, AAF will be a force to reckon with for competitors and a pillar of strength and stability for the people of Killinochchi,” emphasized Deshabandu Dayananda Muthukumarana in his address.