Connect with us

Business

Sampath Bank rises to Top 5 in Sri Lanka’s Most Respected Entities listing

Published

on

Sampath Bank PLC has been ranked 5th in LMD’s Most Respected Entities in Sri Lanka 2021 rankings based on a survey commissioned and conceptualized by LMD and conducted by Nielsen.

The rankings are based on ratings received from a sample of 800 respondents – managers and above – from listed companies on a set of 12 different attributes.

Continuing its steady year-on-year rise in one of the country’s most prestigious corporate leaderboards, the Bank has moved up from 9th place in 2018 to 5th place in 2021, despite challenging market conditions during this period.

Furthermore, Sampath Bank has emerged as the highest rated bank in 9 out of 12 of the attributes surveyed for this year’s rankings, viz., Corporate Culture, Dynamism, Honesty, HR and People Management, Innovation, Management Profile, National Perspective, Quality Consciousness and Vision. The Bank has been ranked ahead of larger, older players in the banking industry in these areas.

These outstanding ratings given to Sampath Bank by representatives of some of the country’s leading enterprises are a testament to the high esteem in which the corporate sector and the nation at large holds the Bank. This is shaped largely by the Bank’s steadfast commitment to delivering greater value to the nation through its focus on innovation and service excellence.

It is worth noting that Sampath Bank has consistently been rated particularly high on Honesty and National Perspective. This reflects the brand’s trustworthiness and its significant contributions to nation building.

“We are honoured to see our peers in corporate Sri Lanka rate us amongst the Top 5 Most Respected Entities in the country. It is our honour to emerge as the highest rated bank in 9 out of 12 attributes being surveyed. Earlier this year, we were ranked as Sri Lanka’s ‘Most Loved Bank Brand.’ We are grateful to our customers, business partners and the nation at large for their love, respect, and trust,” said Nanda Fernando, Managing Director, Sampath Bank PLC. “These rankings are a result of the vision and guidance of our Board of Directors and the commitment and relentless efforts of my team at Sampath Bank. Inspired by these awards and recognition, we look forward to delivering innovative solutions that add value to the nation, as we continue to present the future of all Sri Lankans.”

Continuing to transform the market and deliver greater value to all stakeholders through its novel financial solutions, Sampath Bank has earned the trust and respect of consumers and businesses across the island. This can be seen in its steady rise across the multitude of corporate leaderboards that it is featured on. Most recently, Sampath Bank was recognized as Sri Lanka’s ‘Best Retail Bank’ and ‘Best Commercial Bank’ for the 8th consecutive year at the esteemed World Finance Banking Awards organized by the World Finance magazine based in the UK. The Bank has been rated as Sri Lanka’s Most Loved Bank Brand and ranked amongst the Top 10 ‘Most Valuable Consumer Brands’ in the Country by LMD’s Brands Annual Rankings for four years in a row (2018 to 2021).

Sampath Bank is a 100% local bank that has deeply rooted itself in the hearts of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including the introduction of ATMs to Sri Lanka, extended banking hours and slip-less banking to name a few. The Bank continues to steadily transform itself into a technology-driven financial services provider whilst keeping true to our traditions and values.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Dialog Smart Home Enables Seamless Home Automation via Range of Intuitive Solutions 

Published

on

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, introduced a range of convenient and integrated solutions via ‘Dialog Smart Home’ to enable intelligent automation and intuitive control of homes.

The newly introduced range of future-fit smart home solutions by Dialog Smart Home ranges from Home Automation, Home Security & Surveillance and Home Connectivity, and are designed to enable any home to work as one harmonious system where all elements work in tandem together to create a truly intelligent home.

The Home Automation solutions offer homeowners seamless and convenient control of their electronic appliances through their smartphones anytime, anywhere. With the Smart Touch Wall Switches, Smart Power Strips and Smart Fan Controllers, homeowners can take control of existing light bulbs, table fans, rice cookers, chargers, ceiling fans and more appliances. Additionally, the Artificial Intelligence (AI) powered TeDi Alexa Solution enables users to control connected smart devices including TVs, air conditioners, home security systems and more through voice commands.

Home Security & Surveillance solutions transform basic cameras into high-powered CCTV solutions. Baby and house monitoring smart cameras can be placed inside homes to keep a 360-degree eye on children and pets. The Indoor Security Camera has the ability to sound a siren and notify users if a stranger enters their home. Dialog Smart Home has also partnered with Singer to offer customers world-renowned Dahua CCTV solutions.

The Home Connectivity solutions offers consumers Wi-Fi extenders to facilitate uninterrupted internet connectivity across the house to fit the homeowner’s lifestyle and requirements.

Continue Reading

Business

CBSL implements extraordinary measures to support banking sector

Published

on

The Central Bank of Sri Lanka, considering the prevailing macroeconomic conditions and its impact on the banking sector, has decided to implement the following regulatory measures to support the banking sector to facilitate effective financial intermediation and the flow of credit to the economy, whilst ensuring the soundness of the banking sector.

• Sri Lankan banking sector maintains a Capital Conservation Buffer (CCB) of 2.5% to ensure that banks have an additional layer of usable capital that can be drawn down during stress times. An industry wide flexibility is granted for banks to drawdown the CCB (up to 2.5%), if needed, subject to restrictions on distribution to shareholders/ repatriation of profits and submission of a capital augmentation plan to rebuild CCB during a period up to three years.

• The current deadline for licensed banks to meet the enhanced minimum capital requirement (31.12.2022) is extended up to 31.12.2023. Licensed banks which are unable to meet the minimum capital requirement by 31.12.2022, need to submit their capital augmentation plan, including plans to consolidate or merge with suitable financial institutions, by 31.12.2022 and these licensed banks too shall refrain from distribution of dividends/ repatriation of profits until the minimum capital requirement is met.

• Licensed banks are encouraged to move to approaches such as The Standardised Approach (TSA) or alternative TSA for computation of risk weighted assets for operational risk for the purposes of computing the Capital Adequacy Ratio, subject to supervisory review.

• Licensed banks are given the flexibility to stagger the unrealised mark to market loss on Government Securities denominated in LKR on account of the recent interest rate hike for Capital Adequacy purposes until Q2 of 2024, subject to conditions.

• Licensed banks are granted flexibility on the treatment for Other Comprehensive Income (OCI) for Capital Adequacy purpose in line with the International Standards.

• The deadline for licensed banks to submit the document on Internal Capital Adequacy Assessment Process (ICAAP) for 2022, to the Central Bank of Sri Lanka is extended by one month, until 30.06.2022.

• As a short-term measure to support licensed banks to adjust their liquidity profiles, licensed banks are provided with the flexibility to operate maintaining the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) not lower than 90% up to 30.09.2022. Furthermore, the Central Bank of Sri Lanka, on 06 May 2022 decided to restrict certain discretionary payments of licensed banks, such as declaring cash dividends and repatriation of profits, until the financial statements for the year 2022 are audited by its External Auditor, engaging in share buy backs, increasing management allowances and payments to the Board of Directors until 31 December 2022 with a view to strengthening the liquidity and capital positions of licensed banks under these exceptional circumstances.

The above measures were introduced with the aim of providing the licensed banks with more flexibility and opportunities to operate in these challenging conditions and support economic recovery, while taking measures to improve their safety and soundness. The Central Bank of Sri Lanka will periodically review the implementation of these policy measures and expects licensed banks to avail these measures in the best interest of the customers and the economy at large, while supporting the banking sector to remain resilient.

Continue Reading

Business

CEAT official tyre supplier for locally assembled Tata Ace HT 

Published

on

CEAT Kelani Holdings has been appointed as the official tyre supplier for Tata Ace HT series compact trucks which are assembled in Sri Lanka by DIMO in collaboration with India’s largest automobile manufacturer TATA Motors.

 CEAT RHINO PLUS TL tyres in the size of 155R12 8PR, manufactured at the CEAT Kelani plant in Kelaniya are used for the TATA Ace HT series vehicles, popularly known in Sri Lanka as “DIMO Batta” under this project. The locally manufactured CEAT RHINO PLUS TL tyre features a zig zag pattern on its circumference and ribs with lateral notches that contribute towards uniformity and better wear and tear on local roads.

 Commenting on this latest OEM agreement of the company, CEAT Kelani Holdings Managing Director Mr. Ravi Dadlani said: “As a brand that has been at the forefront of local value addition in Sri Lanka, CEAT is excited to contribute further to the process through its association with this assembly operation. This is particularly relevant in the prevailing situation in the domestic market. We are able to provide high-quality tyres engineered for local conditions at competitive prices and ensure uninterrupted supply, while at the same time helping to conserve foreign exchange.”

In January this year, CEAT was appointed as an OEM for a range of heavy-duty trucks, tippers and light commercial vehicles assembled in Sri Lanka by Lanka Ashok Leyland PLC (LAL), a joint venture company of Ashok Leyland India. In November 2021 the brand was chosen as the OEM for Bolero City Pik-up vehicles assembled in Sri Lanka by Mahindra & Mahindra India in collaboration with Ideal Motors.

Continue Reading

Trending