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MTI wins Rwanda mandate – sets up East Africa Office

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The 49th country in which MTI has carried out an assignment

MTI Consulting has won their first project in Rwanda – a competitive tender for a nationally strategic consulting project, in joint alliance with Nambiar Associates.  Rwanda is the 49th country in which MTI has carried out an assignment, since its inception in 1997, an MTI news release said.

Meanwhile, MTI Consulting is also planning to set up their East African Regional Office in Kigali – which is considered to be the ‘Tech Hub’ of Africa and tipped to be the ‘Singapore’ of Africa, it added.

 “Africa is undoubtedly the growth continent of the 21st century.  Over the last three years we have been focusing on regional opportunities across East Africa – given the access to these markets from Asia and the Gulf and strong business links we have.  With the latest in-country project we won in Rwanda, we are currently setting up our East Africa Regional Office in Kigali. Given its strategic location we plan to access the key markets of Kenya, Uganda, Tanzania, Kenya and Ethiopia from Kigali” said Hilmy Cader, CEO of MTI Consulting

 Coming out of a devastating genocide in 1994, Rwanda’s socio-economic transformation is considered a ‘case study’ for the developing world. In 2019, Rwanda was  the world’s third fastest growing economy, ranked 38th (and second in Africa) for Ease of Doing Business and first for Government Transparency in Africa.  Interestingly, Rwanda has the highest female participation (61%) in Parliament in the world and it ranked ninth in the Global Gender Gap index 2020 (1st in Africa, the release said).

 Commenting on the eve of their first market visit, Ms. Darshana Buragohain (MTI’s Regional Head for Rwanda) said “We are very impressed with the level of professionalism and corporate governance in Rwanda. The growth prospects for our business looks very promising. I am looking forward to build a strong team of Rwandans – who will help take MTI to greater heights in East Africa

 MTI Consulting is an internationally-networked boutique management consultancy,  offering advisory services in Strategy, Operations and Corporate Finance. Since its inception in 1997, MTI has worked on over 670 assignments in over 49 countries, covering a diverse range of industries, clients and business challenges.

 

 



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Business

HNB supports Sri Lanka Welfare Society of Blind Women

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Supporting the livelihoods of visually impaired women, Sri Lanka’s most customer friendly bank HNB PLC donated 300 white canes and dry ration packs to the members of the Sri Lanka Welfare Society of the Blind Women.

The donations made utilizing voluntary contributions gathered by HNB employees, were handed over to members of the Society at a special event at HNB Towers under the patronage of HNB Managing Director and CEO Jonathan Alles.

“HNB is proud to partner with the Sri Lanka Welfare Society of the Blind Women to serve the visually impaired women of the country. Our goal is to do our part in ensuring they are given opportunities, recognition and respect that are equal to every other citizen, and we hope that partnerships of this nature will pave the way for a more inclusive and caring society,” HNB Managing Director and CEO, Jonathan Alles said.

With 252 customer centres across the country, HNB is one of Sri Lanka’s largest, most technologically innovative banks, having won local and global recognition for its efforts to drive forward a new paradigm in digital banking. Over the recent past, the bank was ranked among the World Top 1,000 Banks list compiled by the prestigious UK-based Banker Magazine. HNB has a national rating of AA- (lka) by Fitch Ratings (Lanka) Ltd.

HNB was also declared Best Sub-Custodian Bank in Sri Lanka at the Global Finance Awards 2020, in addition to winning the coveted Best Retail Bank in Sri Lanka Award for the 11th time at the Asian Banker Awards 2020, in recognition of its sustainable growth and continuous improvements in processes, products and services amidst a challenging macroeconomic environment.

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Rizing, LLC acquires attune Lanka from MAS Holdings

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MAS Holdings announced today, that in line with its long-term strategic objectives, it has concluded the acquisition of its subsidiary attune Lanka (Private) Limited by Rizing, LLC. Rizing is a privately held, US-based boutique firm specializing in providing SAP solutions for Consumer Industries, Enterprise Asset Management and Human Capital Management worldwide.

In 2018, MAS Holdings completed an assignment with a leading global consultant to develop a long-term strategic plan, which identified areas of growth based on its core competencies and in the adjacent areas of Femtech and Wearable technology. The divestment of attune was an outcome of this plan, with the intent of finding the right partner for the Company to enable it to scale and grow.

This is a significant investment in a Sri Lankan-owned global technology firm by a company that is backed by a large private equity fund from the US, which will undoubtably help attune to scale and strengthen its business in the years to come.

“The acquisition by Rizing ensured that attune would benefit from Rizing’s global scale and expertise, and that their customers and employees continue to thrive as part of a leading solutions provider in the fashion and consumer industries” stated Mahesh Amalean, Chairman MAS Holdings. He also added that MAS would continue its close partnership with Rizing and attune in terms of the ongoing implementation and support for SAP products and services across MAS SBU’s in Sri Lanka and overseas.

Mike Maiolo, CEO of Rizing stated that “Customers from both organizations benefit from this partnership. Now two of the top SAP partners in Consumer Industries and Fashion are a united force to deliver unmatched value through combined experience, expertise and scale”. A leading provider of systems solutions and implementation services for SAP and with offices in North America, Europe, Asia and Australia, Rizing is headquartered in Stamford, Connecticut, and has been on an aggressive mergers and acquisitions plan since 2018, acquiring several US-based and global firms.

“This merging of Rizing’s and attune’s industry knowledge and experience will provide our long-term valuable clients with access to exciting new technologies and talented resources” said Vajira de Silva, the CEO of attune, adding that “The strength of the combined companies will allow us to grow into new markets and augment our products and services to better address the needs of existing and new clients”. attune Lanka has subsidiaries in India, Australia, China, HK, Italy, Germany, UK, US and Netherlands, with over 500 employees worldwide.

Standard Chartered Bank’s global M&A advisory team acted as the sole advisor to MAS Holdings on this transaction.

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People’s Insurance enters Medical Insurance market with ‘the most comprehensive medical insurance cover available in Sri Lanka’

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In an unprecedented effort to enhance its product offerings to customers across Sri Lanka, People’s Insurance PLC recently announced its plans to diversify into the health insurance space of the country. This strategic move to establish its presence as a health insurance provider builds on the well-established public image of People’s Insurance as the insurer who cares with love.

As the market is already heavily saturated with health insurance products offered by the competition, Peoples Insurance had the strategic objective of offering a product to make them stand out from the rest. Following a customer first approach, the insurer has decided to be a step above its competitors by offering a highly comprehensive medical insurance cover available in the country.

Citizens of Sri Lanka and those individuals who currently reside in the country are eligible to obtain a medical insurance cover from People’s Insurance. Individuals can be covered from their 5th birthday onwards. However, infants from the age of 3 months can also be protected by these covers provided that their parents have a medical cover from People’s Insurance too.

Jeevani Kariyawasam, the Head of Operations at People’s Insurance PLC commented on this new development, “When People’s Insurance PLC began to contemplate our entry into the health insurance sector, we knew we had to be different. As we are known as the only insurer who cares with love, our health insurance product had to reflect this strongly. Due to this, we decided to position ourselves as an insurance provider with a highly comprehensive product in the health insurance space. With affordable premiums, we have made every effort to ensure that Sri Lankans can enjoy the peace of mind that health insurance brings about.”

Medical schemes will vary from Rs. 100,000 to Rs. 2 million and premiums will depend on the sum insured, along with the customer’s age band. It is also noteworthy that the geographical scope of treatment extends beyond Sri Lanka and into India as well. Costs related to ambulance call outs, inpatient proceedings, surgical treatments, pharmaceuticals, diagnostics and pre and post hospitalization expenses are just a few of the areas that this comprehensive product covers.

As People’s Insurance PLC has a trusted and well established name in the minds of Sri Lankan customers, it is expected that their entrance into the medical insurance sector will be welcomed by citizens across the island. With the underlying goal of caring for its customers beyond anything else, this new development will allow for more Sri Lankans access to proper healthcare services. This decision truly resonates with a purpose beyond profit initiative.

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