SL enjoying US$ 59 Bn economy, targets US$ 100 Bn by 2016

Sri Lanka today enjoys a US $ 59 billion economy and the country is targeting a US $ 100 billion economy by 2016, said Central Bank Governor Ajith Nivard Cabraal.

The Governor who was speaking at the Seylan Bank's 25th anniversary celebrations, said that Sri Lanka's economy was making steady progress in every macro-economic front and the country's economy grew much better than Malaysia during the last two years.

Seylan Bank marked its 25th anniversary on Monday with a series of religious activities. The main event was held at Seylan Towers in the presence of religious leaders from all denominations to evoke blessings. Chief Guest, Ajith Nivard Cabraal, Governor of Central Bank unveiling the anniversary plaque. Nihal Jayamanne, Chairman, Seylan Bank, Ishara Nanayakkara, Deputy Chairman, R. Nadarajah, Executive Director and other senior officials look on.

Sri Lanka in the recent past, has recorded an impressive economic growth even in the midst of global turmoil. “The future of the country would be bright and I believe that the next five years would be the best years for the county, but it is yet to come. We have also created the necessary environment for enhanced economic growth for the year 2013 and Sri Lanka has also envisaged reaching a US$ 100 billion economy by 2016,” Cabraal said. Chairman of the Seylan Bank Nihal Jayamanne said, “We are proud to state that in the year ending December 2012, we made an unprecedented profit-after-tax of Rs. 2 bn plus. This is the highest profit ever made by Seylan in its 25-year history.

A committed adherence to the strategic plan by the Board and its stringent implementation by the management, coupled with the dedication and the commitment of the Seylan team, have paid dividends. It is indeed a good omen to celebrate 25 years with an unprecedented profit. I have no doubt that we would continue to grow, from strength to strength. I am proud to be a member of the Seylan family,” he said.

Seylan Bank celebrated its 25th anniversary on March 24, with a series of religious and CSR activities throughout Sri Lanka. In the run up to this 25th anniversary, Seylan Bank also unveiled its multi-pronged corporate campaign “Beyond Just Banking,” which drew strength from its four main tenets, Trust, Innovation, Service and Commitment. Harnessing all resources, it explored new frontiers and ventured beyond just banking in a much-acclaimed service campaign across its network, which exemplified the spirit of the Seylan Bank.

Chief Executive Officer/General Manager of Seylan Bank, Kapila Ariyaratne, said that a major share of the bank's success over the years, had come from its ability to constantly innovate and create value through brand propositions which cater to the needs of Sri Lankans from all walks of life.

“We have been able to successfully identify the banking needs of the public of Sri Lanka and will continue to deliver innovative solutions with a superior service, in keeping with our underlying visionto be Sri Lanka's leading financial services provider, as recognised by all our stakeholders.”

“In the coming years, we promise our customers an even better portfolio of value adding products that would be delivered with an unparalleled service that comes with caring and sincerity. To our shareholders, we promise a return that would truly compensate them for the trust and faith they have placed in us and to the people of Sri Lanka, a continuation of the support to build this country, the economy and our people in keeping with the vision of the government.”

(IH)