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| Sunday, 09 April 2006 |
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Seylan Merchant Bank, K&N Kenanga to boost banking industry Seylan Merchant Bank (SMB), under the Ceylinco conglomerate, Wednesday last, entered into a joint venture with K&N Kenanga Holdings Berhard (K&N Kenanga) Malaysia, in its bid to strengthen its position in the local merchant banking industry, while increasing its range of services on offer. The joint venture company, yet to be named, will get off the ground, June 1, SMS deputy chairman, Rohan Senanayake said. Ceylinco will hold 51 percent of the equity. The quantum of investment was yet to be determined, while the Malaysians extended their stay in Colombo, last week, the media was told. Explaining the rationale for choosing K&N Kenang, Senanayake said that the Malaysian financial services group would provide a strong backing for SMB, which would give the bank an edge over other merchant banking companies in Sri Lanka. The collaboration will also make available added expertise which will enable the company to offer new specialised services to the Sri Lankan market, Senanayake said. K&N Kenanga is well established and reputed in the financial industry in Malaysia, it was claimed. Its subsidiary, Kenanga Deutsche Futures Sdn Bdh, a joint venture company with Deutsche Bank, won the 'top futures broker overall' for three consecutive years, made by the Futures Exchange in Malaysia, Bursa Malaysia Derivatives Behard. Seylan Merchant Bank's subsidiaries include Seylan Merchant Leasing Ltd, SMB Real Estate Ltd and SMB Money Brokers (Pvt) Ltd. In the last financial year the company reported a Rs 111.10 million increase in net income to Rs 810.81 million ($ 810) million and a Rs 461.2 million increase in group rentals receivable to Rs 2.85 billion ($28.50 million). The new company will carry out investment banking activities leveraging on the strength of the two financial giants and is intended to facilitate the company's entry into the vast Indian market under the Indo-Sri Lanka Free Trade Agreement, Senanayake said. EL |
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