MBSL regains investor confidence
by Lalin FERNANDOPULLE
The Merchant Bank of Sri Lanka PLC (MBSL) restored investor
confidence and regained lost business in all acquired and managed
entities, said Chairman, MBSL, Janaka Ratnayake.
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Janaka Ratnayake |
He said despite a critical year the institutions under the purview of
the MBSL Group recorded steady progress and had revenue in excess last
year.
“The restructure plan and targets for each organisation helped
achieve a remarkable progress. The global financial crisis and the last
phase of the war were challenges encountered by organisations”, he said.
“MBSL Insurance targets Rs. one billion profits this year while MBSL
Savings Bank currently has Rs. 300 million in excess”, the Chairman
said.
Finance, Asian Finance, Finance and Guarantee renamed as Island
Finance and Ceylinco Investment and Reality (Pvt) are managed by MBSL
while MBSL Savings Bank previously known as Ceylinco Savings Bank and
MBSL Insurance Company are acquired entities of the Merchant Bank.
Ratnayake said depositors panicked because there was uncertainty of
keeping trust with these institutions as they were not properly
managed.“The turnover of MBSL Savings Bank and MBSL Insurance increased
last year and expects higher profits this year. They were the first
among companies under MBSL Group to make profits and be rewarded last
year”, he said.
“The number of employees were reduced and measures to streamline
organisations were introduced which were profitable”, Ratnayake said.
Despotors have once again placed their trust on the institutions
managed by MBSL and have resumed business. Once political stability is
restored in the country businesses will thrive and sectoral performance
will increase”, Ratnayake said.
The MBSL Group reached the budget revenue for 2009 with Merchant
Credit, a subsidiary of Bank of Ceylon recording a 15 per cent rise in
profits.
The MBSL has explored opportunities for branch expansion in the North
and the East following the complete liberation last year. Branches will
be set up in Trincomalee, Jaffna and Batticaloa in the next two months.
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