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Seylan Bank Kollupitiya branch now in Galle Road for enhanced customer convenience

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Kapila Ariyaratne - Director/Chief Executive Officer- Seylan Bank together with Ramesh Jayasekara - Chief Operating Officer - Seylan Bank ceremoniously opening the doors of the new Kollupitiya branch

Seylan Bank, the Bank with a Heart, relocated its Kollupitiya Branch to a spacious new location on the 22nd of November 2021. The Branch which was previously located on Walukarama Road is now conveniently located at No. 490, Galle Road, Colombo 03 offering an array of enhanced services for discerning corporate and retail customers.

The service offerings at the new location have been expanded to reflect its mission of enabling growth and enriching lives for customers who have come to count on the Kollupitiya Branch for banking solutions, over many years. Equipped with an exclusive Premier Banking Counter to offer personalized services via dedicated relationship managers, the new and improved branch is well-resourced to serve all Seylan customers with enhanced convenience.

“For the longest period, the Seylan Bank Kollupitiya branch has held a pivotal place in the hearts of our customers. It is with great pleasure, that we welcome our customers to the relocated Kollupitiya Branch, which has new features and enhanced amenities. The new location offers plenty of parking and is a definitive business centre. We believe corporates, would find the branch especially useful and efficient, catering to their hectic schedules. The branch is designed to provide the greatest and most innovative services to our new and existing customers.”, commented Dimuth Sigera, Assistant General Manager, Branches at Seylan Bank.

Seylan Bank reported a profit after tax (PAT) of Rs. 3.2 billion for the nine months ending September 30, 2021, a 45 percent increase over the same time the previous year. During the year under review, the bank’s net interest income increased by 14.76 percent to LKR 17,068 Mn, indicating a significant expansion as the sector recovers from the pandemic’s long-term impact.

The new branch, with ample parking, makes it easier for customers to access the premises and ATM services. The Branch will be open for business during normal business hours. Seylan RED, the latest addition to its range of exclusive services for premier customers, brings in a host of personalized value-added services and benefits, Seylan Customers can reach out to the new Kollupitiya branch on 011-2564080 for information on all products and services or contact the branch via email on kollupitiya.bmg@seylan.lk.

Seylan Bank follows all guidelines set by the health authorities when managing day to day operations owing to the ongoing pandemic situation and encourages all customers to follow all relevant guidelines to ensure safety during these times of caution. The Bank invites all customers to utilize Seylan’s multiple digital platforms for day to day transactions or visit www.seylan.lk for further information. Customers can also call the Seylan 24/7 hotline for further assistance on 011 200 88 88.

Seylan Bank, the Bank with a Heart, operates with a vision to offer the ultimate banking experience to its valued customers through cutting-edge technology, innovative products, and best-in-class services. The Bank has a growing clientele of SMEs, Retail and Corporate Customers, and has expanded its footprint with 172 branches, 70 Cash Deposit Machines, 86 Cheque Deposit Machines and an ATM network of 216 units across the country. Seylan Bank has been endorsed as a financially stable organization with performance excellence across the board by Fitch Ratings, with the bank’s national long-term rating revised to ‘A’(lka). The bank was ranked second among public listed companies for transparency in corporate reporting by Transparency Global. These achievements are a testament to Seylan Bank’s financial stability and unwavering dedication to ensuring excellence across all aspects.



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Business

Seven factors of concern at upcoming Monetary Policy Review

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by Sanath Nanayakkare

The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.

In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.

* Foreign Reserves USD 3.1 billion – Dec 2021

* Inflation CCPI 12.1% – Dec 2021

* GDP Growth -1.5% – 3Q2021

* Private Credit LKR 60.5 billion – Nov 2021

* 03M T-Bill rate 8.38% as at 12.01.22

Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion

Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21

First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.

“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.

As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.

First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.

However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.

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Sri Lanka’s dash brand enters international markets

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Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.

Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,

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Business

Janaka Abeysinghe appointed SLT CEO

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Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.

The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.

Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.

In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.

He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.

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