Corporate

Aptivaa now in Sri Lanka

Aptivaa, one of the fastest-growing international risk and compliance consultancies in the region, has announced a partnership with Bartleet TransCapital Limited (TransCapital), the Bartleet Group's professional investment and advisory services company.

The new partnership will result in Aptivaa's extensive portfolio of services in the areas of risk consulting, solutions and analytical services being offered to banks, insurers, as well as asset management and other financial services companies in Sri Lanka and the Maldives with local support from TransCapital, Aptivaa's designated Teaming Partner for the two countries.

The firm, which has offices in the USA, UK and in Singapore and operates a Global Delivery Centre in Mumbai, already provides expertise covering risk and compliance relating to credit risk, market risk and operational risk under regulatory regimes such as Basel II, MiFID and Solvency II to 20 global clients comprising some of the best names in the financial services industry.

Commenting on the company's arrival in Sri Lanka, Aptivaa CEO Alok Tiwari said: "We feel proud to be associated with Bartleet TransCapital to establish our presence in the local market. Being associated with one of the most respected names in the region will not only help us serve the region in the most efficient way, but also play a important role in the development and growth of risk management capabilities in the financial services industry."

Bartleet TransCapital Chairman and former Central Bank Governor Deshamanya A. S. Jayawardena said Aptivaa's consultancy, knowledge and risk management solutions could significantly strengthen capabilities of local Banks and financial services institutions in a very vital operational area. "The ever increasing complexity of products in the financial services sphere and the volatility of financial markets, make risk management and regulatory compliance of utmost importance," he said. "Our partnership with Aptivaa is therefore timely and is a milestone for bartleet TransCapital."

Aptivaa was founded by four risk management professionals in early 2005. The management team was expanded by bringing in leading professionals with extensive experience in banking, risk consulting and financial technology.

Aptivaa has quickly established a global footprint, emerging as a leading risk management consulting firm whose clients include six of the top 10 banks in the Middle East, five of top 10 banks in India and two Central Banks amongst others.

MBSL takes over Ceylinco Building Society

The Merchant Bank of Sri Lanka has decided to take over the management of Ceylinco Building Society

Ceylinco Building Society is a building society established under the National Housing Act No.37 of Sri Lanka. The Society was established in 1995 and commenced operations in 1998.

The Society operates in a similar manner to the Co-operative societies and is structured broadly along the lines of building societies in the United Kingdom. Ceylinco Building Society has a net-work of 18 branches with a strong presence in the North and East and has managed to retain customer confidence despite the current Ceylinco crisis due to the dedication and commitment of the management team and the staff.

With MBSL coming in as the managing agent, the building Society and associate companies will take new initiatives and strategies of diversification and expansion in the near future. In addition, this will also help to boost the customer confidence and stabilize their business activities due to the reputation and the strength of MBSL. Expansion in the near future. In addition, this will also help to enhance customer confidence and stabilize the business activities due to the reputation and the strength of MBSL.

The majority of customers are small scale entrepreneurs, self-employed persons and people employed in Sri Lanka or Overseas who save regularly with the society with the objective of obtaining housing loans. In addition, these companies are also involved in real estate activities and are the prestigious owners of the 6th Avenue Apartments at 188, Havelock Road, Colombo 5. The company also owns several other valuable real estate sites in the city.

With the take over of management by MBSL and under the Chairmanship of Janaka Ratnayake who has successfully overcome the challenges that he met, the society is confident in widening the objective of broad basing home ownership in Sri Lanka

Sanjiv Keerthiratne was conferred the status of 'Chartered Marketer' by Chartered Institute of Marketing recently. As per the Chartered Marketers Directory, he is the 163rd Sri Lankan to receive this status.

A diploma holder of Chartered Insurance Institute, UK, Keerthiratne has more than 20 years experience in the insurance industry and currently the Chief Executive Officer of Lanka Orix Insurance Brokers Limited.

Keerthiratne actively works in uplifting of professionalism of the insurance industry through his involvement with the Sri Lanka Insurance Institute (SLII) as the Vice President and Sri Lanka Insurance Brokers Association (SLIBA) as the Treasurer. He is an old boy of St.Joseph's College, Colombo.