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| Sunday, 31 March 2002 |
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Features |  |
| News Business Features Editorial
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'N.U.'
The Founder Chairman of Sampath
by A Member of Sampath Team Neville Ubayasinghe Jayawardene is no more, but the vision he gave the Banking fraternity of this country which opened great vistas in the banking industry, will last forever.
In March 1987, the dream of WFB became a reality with the setting up of Sampath Bank. The credo of the Bank was "A truly Sri Lankan Bank for the Sons of the Soil" and N.U. was invited to be the founder Chairman. A great entrepreneur, a clever financier, a colossus in the Business World in Sri Lanka, there could not have been a better choice than N.U. to lead the newly emerging Bank, Sampath. Being the first Sri Lankan Governor of the Central Bank, his knowledge in Banking Law was another important attribute that influenced the conveners to pick him to lead this new bank. In the latter part of the 20th Century, when advancement in technology was taking great strides, the Banking Industry in Sri Lanka was still archaic. Only Bank of Ceylon used computers for limited back office work. Being an innovator, shrewd but successful businessman, N.U. envisioned the future of Banking Industry in Sri Lanka. He knew that the success of the new bank would depend on speed, efficiency and customer convenience. Banking being a highly competitive industry, if a new entrant is to be successful among the giants, like Bank of Ceylon, People's Bank and other leading banks at the time, the HNB and Commercial Bank, it need to be innovative and make a difference. N.U. together with the founder General Manager, Janaka de Silva, the conveners and the initial members of the Board of Directors, carefully mapped out the direction and strategy the new bank was going to adopt. So they introduced sweeping changes in the Industry while the giants in the industry watched in disbelief the revolution taking place at their own doorstep. Extended banking hours, 24 hour banking, convenience through SET Card and Auto Teller Machines, networked banking, customer banking environment, emulating that of hospitality industry, were some of those innovative changes came about from a wizard in the financial world. At a time the shareholding of public companies was only available to affluent sections of the community in the metropolis. Sampath opened its share registry to all and sundry. The initial shareholding of Sampath was over 18,000, mainly from the middle and lower middle strata of the Society, consisting of Teachers, Farmers, Clergy and others. In every aspect of setting up of the Bank, N.U. had his own views and ideas. Initial Sampath team comprised of only 40 in all, handpicked for their experience, knowledge in various fields of the industry and efficiency. At the time the nation was undergoing economic hardships and the public sector efficiency was at very low ebb, even the private sector employees did not display commitment and dedication in their work very much. N.U. was aware the demotivating factor was the disproportionate remuneration package to balance the home budget of both public and private sector employees. He offered twice the quantum of salary to Sampath employees as compared to their counterparts in the industry and demanded thrice the quantum of work. Of course, he ensured that they are provided with best of working conditions. He knew the airconditioned comfort of the offices, sophisticated tools of the trade would increase the efficiency of the work force. Managers were advised to set an example to the staff and strict discipline was maintained in a friendly atmosphere. Computerised operations, congenial banking environment, contented workforce, extended banking hours, the wide spread feeling created of a friendly indigenous bank, which embodied cultural values and Buddhist principles, the innovating thinking of our founder Chairman N.U. certainly made a great impact on the industry and in the whole country. The market share in deposits and advances, the core products of the banking industry, need to be acquired if the new bank is to be successful. N.U.'s strategy proved results; the motivated workforce ventured out to canvass business and their contribution to the progress of the Bank was tremendous. They displayed their sense of belonging and the remuneration was not all what they worked for. The Sampath's progress was quick and steady. The deposit base the bank anticipated to reach in two years was realized within six months. There was a reawakening in the banking industry. Competitors quickly got on with the restructuring of their own organizations. Every bank started acquiring computer technology, CAT, PET, and many other auto teller cards were soon in the market, but SET has already become a household name. All banks extended their banking hours to be in line with Sampath Bank. N.U. was not a figure head Chairman at Sampath. He got involved in day to day affairs at the formative years of the organization. A genius on figures with great business acumen, he needed only one document daily by 10 a.m. the daily position or the Statement of Conditions to ascertain the banks progress and what needs to be done to be ahead of the competition. I, as a member of the Finance Division, had anxious moments in making the daily position available to him by 10.00 a.m. The days the computer breakdowns occurred, I had the difficulty in preparing the report that he so eagerly awaited. I knew the barrage of English mixed with few 'Greek' words that I would hear if the report was delayed. I couldn't fudge it, as he had a natural knack for figures. On one occasion, he summoned me to his office for a few clarifications on the monthly financial statements and as I entered his room, the stare he gave me almost made me shiver as I knew he had picked an error in the document. I stood in silence while he scolded me for not being consistent in presentation. After he finished his rhetoric, I gathered my courage and maintained that I was right on the presentation. Surprisingly, my retort didn't make him angry. Instead he asked me to explain and listened patiently. Ever since, I was in his good books. Another great contribution he made to the banking and finance industry was the Debt Recovery Legislation championed by him. Together with PC H. L. de Silva, the Chairman of the Commission and Justice Wimalaratne, N.U. was determined to bring about stricter laws, to defeat the wilful defaulters and save the banking industry. Today, the entire Banking and Finance Industry is grateful to N.U. for being instrumental in introducing reforms in the debt recovery legislation which has benefitted all banks in the country. His two sons, Lal and Nimal, who were also members of the Sampath Board, contributed immensely in formulating banks policy and making Sampath a leading bank in the country. N.U.'s resignation from Sampath Bank Board in 1991 created a major upheaval in the country. The Bank's image and stability was somewhat at stake. However, due to the strong foundation laid by those great men who pioneered the establishment of Sampath Bank, the bank remained steadfast, weathering all adverse situations that came by. A man from the backwoods of deep south, who proudly talked of his poor beginnings, rode a creast of a wave all the time in the world of business in our country. The organizations he pioneered continue to contribute for the economic progress of Sri Lanka. I admire his character and cherish the memories of my limited association with N.U. as a member of Sampath Bank staff. On behalf of the Management and the staff of Sampath Bank, I wish him supreme bliss of Nirvana. |
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News | Business | Features
| Editorial | Security Produced by Lake House |
In 1984, when the Sri Lankan delegation at the World Fellowship of
Buddhist Annual Sessions mooted the idea of a Bank in Sri Lanka to uplift
the economic standards of the people of this country in order to preserve
Buddhism, which is the religion of the majority community, N.U. was the
automatic choice to lead the organization.
