SDB bank clears confusion
No link with Wattegedera Cooperative Society :
The SANASA Development Bank PLC (SDB bank) with a solid deposit base
of over Rs. 42 billion will expand its branch network island-wide to
provide convenient banking solutions to customers, SDB Bank’s
CEO/General Manager Nimal C. Hapuarachchi said.
He also confirmed that SDB bank has nothing to do with the
Wattegedera Cooperative Society which bears a similar name as the SANASA
Development Bank. “We wish to state that there is no business or legal
connection between the Wattegedera Cooperative Society and SDB bank. It
is not a branch of SDB bank,” Hapuarachchi asserted at a media briefing
last week.
Cooperative Societies are supervised by Local Government
institutions. The SDB bank has launched a major development drive to
increase its customer base with tailor-made solutions. “We will open our
next branch in Bandarawela soon.”
SDB bank has around one million direct customers and around four
million indirect customers and its Non Performing Loan (NPL) is around
two to three percent.
“We wish to state that SDB bank is a well established bank which is
quoted in the Colombo Stock Exchange and comes under the supervision of
the Central Bank
We are stable and recorded strong performance over the past years
while maintaining an attractive stream of dividend payments to
shareholders,” Hapuarachchi said.
He said media reports linking SDB bank to the Wattegedera Cooperative
Society are false and misleading and we disclaim any responsibility with
regard to the activities of the Cooperative Society.
Acting Chairman, SDB bank, Lakshman Abeysekera said customer deposits
are insured under the Deposit Insurance Scheme of the Central Bank. SDB
bank will launch its new logo shortly that would distinguish the bank
from other institutions, he said.
- LF |
