SLS Bank targets Rs 1 b in deposits

The Sri Lanka Savings Bank re-branded as SLS Bank targets Rs. 1 billion deposits this year, said SLS Bank Chairman Ariyathilaka Dahanayake at a ceremony to rebrand the bank on Thursday.

He said that among other plans for 2014 are increasing commercial lending to around Rs. 1.5 billion portfolio and micro finance to Rs. 1.5 billion.

The bank will finance 1,000 milch cows through SME lending.

The SLS Bank will link partner organisations for end to end financing, promote trade awareness and mobile savings during the year.

The bank currently has an asset base of Rs. 8 billion and around 8,000 customers.

The SLS Bank has three branches and around 312 partner organisations of which 89 are in the South, 36 in the East, seven in the North and 28 in the Western province."Our mission is to act as the 'Bank born in people's hearts' for the people's financial needs and highest quality and standard of bank services.

The bank has introduced a number of services to meet this end. It has focused more attention on the micro finance services sector and promoting the saving habit among the public.

Thereby, the Bank motivates them to increase their purchasing power and entrepreneurship," Dahanayake said.

General Manager and CEO Adrian Weerasekera said, "We consider micro finance not as a passion or management strategy for unlimited capital, but as a means to supply funds for people with real needs, depending their requirement and ability to repay.

As a State bank it is essential to provide funds to communities targeted by national economic plans." "Although we have a limited network of branches in selected areas, we contribute immensely to the national economy by providing relevant services with the active cooperation of over 350 partner companies.

Our aim is to expand our financial services gradually by setting up branches islandwide," Weerasekera said.