National Savings Bank , Growing with You

Celebrates 41 years:

Sunil S. Sirisena , Chairman, National Savings Bank National Savings Bank actually enjoys a rich and extensive history of more than a century and half, which dates back almost as far as the colonial era and ever since has contributed vastly to the development of the Sri Lankan economy.

But National Savings Bank was formally established in March 16 1972 , 41 years ago, this may be relatively a short period of time for a country, but for Sri Lanka , these 41 years represent an utmost important chapter of its history. Today, I am proud to lead the National Savings Bank which within four decades has shaped into a strong institution and is amongs the key generators of financial stability and economic development of our country. There were many important turning points which have determined the path of National Savings Bank’s development and Sri Lankan economy .

Looking back, the decision to establish NSB was visionary and it was strongly supported by the then parliament of Sri Lanka as the proposal was presented to the parliament by the Late Dr. N. M. Perera, then Minister of Finance. From the very inception NSB, was warmly embraced by all the communities of Sri Lanka . National Savings Bank was formed through an Act of Parliament amalgamating the four institutions that were in existence at the time, Ceylon Savings Bank, the Ceylon Post Office Savings Bank, the National Savings Movement and the Savings Certificates Section.

Since then, we have proved to ourselves, as well as to Sri Lankan and international community that we can run our institution credibly, successfully and responsibly. Our potential will be fully utilized to support Sri Lanka in becoming wonder of Asia .

The principal activity of National Savings Bank continues to be the promotion of savings among the people of Sri Lanka and the profitable investment of savings so mobilized. NSB already began transforming itself from a State owned entity into a modern retail bank that provides tailor made solutions for its diverse customer base. This process of transformation is well underway and today the Bank touches the lives of 17.4 Million account holders, through a variety of modern financial solutions using state-of-the-art technology.

The Bank has set ambitious goals as it evolves into a modern retail bank that is customer focused, IT savvy and futuristic. Its 4,542 access points, including 222 branches, over 640 post offices and 3,408 sub-post offices, more than 230 ATMs and ATM card with Master and VISA Card connectivity , 17.4 million account holders and the prestigious AAA rating place, the Bank in a unique position among Sri Lankan banks to realize these ambitious goals.

There is a great sense of cooperation and mutual effort among our team members to put Sri Lanka’s economy on the track of sustainable long term development.

It is our responsibility, together with our stakeholders to support, to assure a sustainable economic development and higher living standards for our citizens.

Why is saving important?

An entrenched savings culture among Sri Lankans would achieve important goals at both an individual level and for the country as a whole. A high savings rate would allow us to meet our investment needs domestically, supporting the government’s commitment towards being a developed, a developmental state without borrowing from other countries and their investors.

NSB has been spreading the message of the many benefits of savings for individuals too. Savings also allow individuals to protect themselves against unforeseen events and pave the way towards financial freedom .

We need to go beyond what we term ‘necessities’ in terms of the role of savings. An entrenched savings culture means Sri Lankans must develop an attitude of saving for major expenses and goals, instead of relying on easy credit and long repayments to purchase whatever luxury goods seem desirable at the time .

One of NSB’s initiatives involve teaching children to save, inculcating the importance of saving for items that they want and need. As adults we should lead by example – show our young people the value of setting money aside each month not only for a rainy day but also to be used for an overseas trip, for a deposit on a house, and for our children’s education.

As the world economy faces one of the most difficult and devastating economic crisis in history, our economy seemed to be stable when compared with the recent developments in the world economy and remains positive.

The financial sector continued to operate normally and also increase even during the hard times. NSB together with the Government of Sri Lanka was proactive in undertaking measures necessary to the upliftment of our economy. It is our intention to continue our work safeguarding the financial stability and to contribute to the economy as a whole.

We are proud of our achievements but also aware of new challenges and opportunities ahead.

Our Future

Finally, I am grateful that so many of you are together with us today to celebrate our 41st anniversary . And the best way to celebrate such an important event is to work together and exchange ideas as to how best to face the future challenges foreseen today. It is our duty to think and to find better ways to serve our customers and the economy as a whole, to perform efficiently, effectively, and successfully.

We are very happy to be the only bank in Sri Lanka with a 100% government guarantee on your deposits and interest .

As we mark NSB’s 41st anniversary, let us work together to drive the savings message across Sri Lanka. We have highlighted the importance of this message for our country’s future. we must help to achieve the target of increasing our household saving rate so that our country can achieve its potential.

We must think of what we really need and consider what riches we can one day achieve as a country. We must all come to the party the Government, industry and individuals. Together we can save for a better country and future.

Therefore , while striving to deliver a strong financial performance, NSB is conscious of its social responsibility towards the diverse client base. The goal of the National Savings Bank is not just to build financial wealth but also to generate social wealth for its client base and for the country in general.

National Savings Bank has proven throughout all these years that it is a credible, reliable and trustworthy institution. Therefore, I thank you all for joining us in celebration of our achievements, and in discussion of our challenges and also I would like to thank you once more for your contribution in building the capacities National Savings Bank of Sri Lanka , as the leader in developing you and your country.