Seylan to get back management

The Bank of Ceylon (BoC) is considering handing over the management back to Seylan Bank PLC within the next three months, a top BoC official said.

He said BoC has been managing the affairs of Seylan Bank for the past three months and during this period there has been a marked progress in the activities of the bank.

"According to regulations BoC has to hand over the management on completion of six months.Financial stability and depositor confidence have been restored", he said.

Reconstruction and restoration of business activities in the Northern and the Eastern provinces top the agenda in the bank's road map for development.

Chairman, BoC, Dr. Gamini Wickramasinghe said the restoration of peace will bring about tremendous benefits to the country and BoC will extend its fullest cooperation to resettle people and recommence businesses in the provinces.

BoC contributed Rs. 4.5 billion to the government last year and undertook low-interest funding which was extended to micro enterprises, small farmers, cottage industries and fishermen.

"The branch operations in Male, London and Chennai have been doing well and BoC hopes to set up branches in the Uk and India", he said. The bank had a Non Performing Loan ratio of 4.9 per cent last year a decline from 15.2 per cent in 2000. BoC reported a pre tax profit of Rs. 5.2 billion last year, the highest with an increase of 16 per cent against Rs. 4.5 billion in 2007.

LF