Lanka’s banks on par with best in the world – Dr Amunugama

Rasika SOMARATHNA

Sri Lanka’s standards in the area of banking are on par with the world’s best in terms of services and expertise and professionals in the field, Senior Minister for International Monetary Cooperation and Finance and Planning Deputy Minister Dr Sarath Amunugama said. The minister made the observation addressing the staff of National Savings Bank at its headquarters in Kollupitiya yesterday.

Minister Amunugama while noting that Sri Lanka’s banks, especially state banks, were on a firm footing, said the resilience of the country’s banking sector had been amply proven even during the recent global recession.

He said success of the banks also mirror the country’s progress and its economic strength, especially since the end of the conflict.

Dr Amunugama said Sri Lanka’s state banks were highly regarded by their global counterparts and cited several instances in this regard.

He said the country’s state banks were progressing well with an efficient management at the helm and were supplementing both the country’s development efforts and public needs. Speaking about the NSB, he said the institution emerged as the county’s premier bank for public savings and added that the government has decided to make NSB a ‘lead Bank’ giving it wider responsibilities.

A lead bank is a senior bank involved in the negotiations for a project financing and one that represents several banks in the management of loans that they have joined together in making. He told the bank staff to come out with new and innovative mechanisms to make further progress.

The minister advised the bank to identify the right balance between risk factors when lending cum investing and ensuring security of public deposits. Minister Amunugama said as a bank which has received the prestigious AAA Fitch Ratings, the NSB should strive for greater heights when fulfilling its national duty.

Chairman of the Bank Sunil S Sirisena, Acting Director Sumanadasa Abeygunewardene and General Manage Hennayake Bandara also spoke.