Seylan Bank will honour withdrawals - Narangoda

by Lalin FERNANDOPULLE

Seylan Bank is stable and will be made one of the premier banks in the country, Chairman, Seylan Bank PLC, Eastman Narangoda, said while addressing the media on the Bank’s stability and its future strategic plans, at the Ceylinco Seylan Towers on Thursday.

Narangoda said the Bank will honour withdrawals and will continue to serve its customers as an indigenous bank. The Bank is receiving the fullest support of the Central Bank and the Bank of Ceylon.

“Seylan Bank is confident of withstanding all obstacles and maintaining its status among the rest of the banking system. Improving the quality of credit and gaining financial stability is a top priority of the new Board”, Narangoda said.

The new management of the Seylan Bank has prepared a strategic footprint considering external and internal realities. “Managing risk and guiding the bank to overcome challenges is a key task of the Board. Achieving the objectives of the bank is not a difficult task with an eminent Board”, he said.

The Bank assured it will make the best use of the services of the existing employees and will not retrench anyone though certain branches are overstaffed. CEO, Seylan Bank PLC, Ajitha Pasqual said normal activities of the bank have been restored and customers are coming in with new deposits.

“The Bank is stable and customers need not fear or panic over any uncertainty about their deposits”, he said. The Central Bank had entrusted the Bank of Ceylon to manage Seylan Bank following the loss of confidence among customers of the Seylan Bank triggered by the crisis in the Ceylinco Golden Key company.

Seylan Bank with an over 20 year history is one of the largest banks in the country with an islandwide branch network. The bank has a 12 per cent NPL ratio.