Seylan Bank will honour withdrawals - Narangoda
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.