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‘Seylan Accelerate’ account holders to enjoy exclusive discounts on higher education

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Seylan Bank, the Bank with a Heart, recently partnered with several of Sri Lanka’s leading higher education institutes in order to offer exclusive discounts to its ‘Seylan Accelerate’ account holders. With the intention of assisting and empowering ‘Seylan Accelerate’ account holders with their personal growth and educational aspirations, Seylan Bank has ensured to include an array of educational institutes, each with their own speciality so that the needs of their diverse customers may be catered to.

As such, students of ANC Education receive Rs. 100,000 off on MSc, LLB and LLM courses and up to 15% off on selected programmes at BMS. 10% off on registration can be availed at SLIM, 5% off on local courses at ICBT and 20% off on fees at AIC. CMA offers up to Rs. 15,000 off on selected courses while AOD gives 15% off on enrolment fees for Seylan Accelerate account holders. Students between the ages of 18 and 25 with documentary evidence of their study in any of these institutes may avail these offers, provided they make such payments via their Seylan Accelerate Debit Card.

‘Seylan Accelerate’ is a specialised product that empowers salaried employees of private and government sectors who earn fixed salaries, allowances or additional income. The various partnerships enable Seylan Accelerate account holders to unlock their potential through a range of avenues such as education, lifestyle and recreation. Identifying a gap in the market and catering to the financial needs of young salary earners for their higher education, Seylan Bank introduced the education based offers to their customers.

Speaking on the offer scheme, Gamika De Silva, Assistant General Manager Sales and Marketing at Seylan Bank PLC said, “Our Accelerate customers represent the nation’s youth who have varied aspirations and a passion for bettering the quality of their lives. Seylan Accelerate gives them the freedom to manage their finances independently, so that they are empowered to plan their own futures. Higher education is one of the most important areas in their lives and financing their studies has increasingly become a challenge. We will continuously endeavor to provide our Seylan Accelerate youth a variety of offers across some of the leading higher education institutes in the country, which will be the encouragement they need to pursue their dreams.”

Seylan Accelerate offers a world of benefits to Salary Savings Accounts which include free ATM withdrawals, Premier, Prime, Plus and Entry membership categories with special offers and concessions, Cash Rewards up to Rs. 200,000/- for Weddings, at Childbirth, 21st Birthdays and many of life’s significant moments. Anyone who seeks to achieve their personal or professional goals can begin their journey with just a small monthly commitment to Seylan Accelerate. The Bank offers a range of savings plans that allows you to make monthly deposits to reach the desired savings target between 2 to 10 years.



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Norlanka Manufacturing Trincomalee receives LEED Gold Certification

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Norlanka Manufacturing Trincomalee was recently awarded the prestigious LEED Gold Certification (Leadership in Energy and Environmental Design).Norlanka, one of Sri Lanka’s largest sustainable exporters of baby and kidswear, has an extensive ESG (Environmental/Social/Governance) strategy and understands the responsibility it has concerning the future of a sustainable apparel industry. Therefore, ethical sourcing, in particular working with responsible supply chain partners has been a critical operational necessity.

The LEED certification is a globally recognized symbol of sustainability achievement, and it is backed by an entire industry of committed organizations and individuals paving the way for market transformation. It’s awarded for projects that have earned points by adhering to prerequisites and credits that address carbon, energy, water, waste, transportation, materials, health and indoor environmental quality. Buildings consume energy and resources at an alarming rate, therefore the LEED rating system is the most widely used green building rating system, as it provides a framework for healthy, efficient, carbon and cost-saving green buildings.

LEED takes multiple areas into account with varying sub-criteria when certifying a building such as location, transportation, sustainability of the site, construction, water efficiency, energy and atmosphere, materials and resource, waste management, indoor environment quality, innovations and more.

Chief Innovation Officer of Norlanka, Buddhi Paranamana stated, “This LEED Gold certification is a testament to our constant drive to improve our sustainability efforts. This award marks yet another milestone in Norlanka’s journey towards becoming carbon neutral by 2025. Since 2010 we’ve constantly been learning how to do things in a more sustainable way. I would like to congratulate our team for obtaining this certification. It showcases dedication towards achieving sustainable excellence while achieving our goals and providing customers with high-quality products.”

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People’s Bank celebrates 75 years of Independence by offering gifts to newborns

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People’s Bank celebrated Sri Lanka’s 75thNational Independence at a modest ceremony held at their Head Office which was followed by a series of island wide initiatives.People’s Bank’s ‘Birth of Freedom’ programme which commences on every Independence Day was carried out this year as well. Under this concept, People’s Bank gifts Rs.2,000/- worth of an ‘IsuruUdana’ Gift Certificate to every baby born between the 1st and 14th of February.

People’s Bank launched this programme in 2006 with the vision of instilling national pride and encouraging parents to plan for their children’s future. Parents can open an ‘Isuru Udana’ Children’s Savings Account at any People’s Bank Branch using the Gift Certificate.

Director of the Castle Street Maternity Hospital Dr. Ajith Danthanarayana, Director of De Soysa Hospital for Women in Borella Dr. Pradeep Wijesinghe, People’s Bank Senior Deputy General Manager (TB & OCS) Rohan Pathirage, Deputy General Manager (Retail Banking) Renuka Jayasinghe, Deputy General Manager (Strategic Planning, Performance Management & Research) Jayanthi Kurukulasooriya, Deputy General Manager (Risk Management) Roshini Wijerathna, Deputy General Manager (Banking Support Services) Nipunika Wijayaratne, Deputy General Manager (Channel Management) T.M.W Chandrakumara, Head of Marketing Nalaka Wijayawardana, Assistant General Manager (Retail Banking) Nalin Pathiranage, Assistant General Manager (Human Resources) Manjula Dissanayake, Colombo North Regional Manager S.L.M.A.S Samarathunga, Colombo South Regional Manager M.S Kanakka Hewage, Borella Branch Manager W.A.N Udayangani, Town Hall Branch Manager Tiral Pradeep, Deputy Director of De Soysa Hospital for Women in Borella, Dr. K.M Nihal, Administrative Officer of Castle Street Hospital for Women S.M.T.A.R. Bandara, Nursing officers along with hospital staff were also present at the event.In line with the above all People’s Bank branches across the country initiated ‘Nidahase Upatha’ activities island wide.

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SL bondholders ready for debt restructuring talks with authorities– with conditions

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Sri Lanka’s bondholders have told the International Monetary Fund (IMF) that they are prepared to engage with Sri Lankan authorities in debt restructuring talks consistent with the parameters of the global lender’s program.The Ad Hoc Group of Sri Lanka bondholders conveyed its stance in a letter directed to IMF Managing Director Kristalina Georgieva on Friday (Feb. 03).

“The Bondholder Group through its Steering Committee stands ready to engage quickly and effectively with the Sri Lankan authorities to design and implement restructuring terms that would help Sri Lanka restore debt sustainability and allow the country to re-gain access to the international capital markets during the IMF Programme period.”

The Bondholder Group acknowledged the Sri Lankan authorities’ engagement with their official creditors towards a resolution of the current crisis and restoration of debt sustainability.

The Bondholder Group further acknowledged that such engagement has recently resulted in the Indian government delivering letters of financing assurances to the IMF, committing to support Sri Lanka and contribute to its efforts to restore debt sustainability by providing debt relief and financing consistent with the IMF Extended Fund Facility Arrangement and the IMF Programme targets indicated in the India’s letter to the global lender.

Sri Lanka Bondholder Group Letter to IMF stated:

Based on the limited information available to us at this time, including information contained in the India Letter, we understand that the IMF Programme’s debt sustainability targets are identified as (i) reducing the ratio of public debt to GDP to 95% by 2032, (ii) limiting the central government’s annual gross financing needs to GDP ratio to 13% in the period between 2027 and 2032, and central government annual foreign currency debt service at 4.5% of GDP in every year between 2027 and 2032 and (iii) closing of the external financing gap.

The Bondholder Group hereby confirms it is prepared to engage, through its Steering Committee, with the Sri Lankan authorities in restructuring negotiations consistent with the parameters of an IMF Programme and the targets specified therein (the “IMF Programme Targets”), which the Bondholder Group understands to be the targets identified in the India Letter; it being recognized that these negotiations will necessarily be further informed by the receipt of the forthcoming DSA. We would note that the finalization of an agreement will also be subject to the satisfaction of the following conditions:

The central government’s domestic debt – defined as debt governed by local law – is reorganized in a manner that both ensures debt sustainability and safeguards financial stability. Assuming that annual gross financing needs should not exceed 13% of GDP in the period between 2027 and 2032, whilst allowing for central government annual foreign currency debt service to reach 4.5% of GDP in every year between 2027 and 2032, domestic gross financing should therefore be limited at 8.5% of GDP for the period 2027-2032.

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