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| Sunday, 27 October 2002 |
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| News Business Features Editorial
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Retired Central Bankers back in business by SUREKHA GALAGODA Isuru Savings and Development Bank, the latest entrant to the field of banking under the category Licensed Specialised Bank (LSB) will be set up in early 2003 by a group of experienced ex-Central Bankers. The majority of the shares are held by the ex-Central Bankers who retired prematurely under a voluntary retirement scheme and subscribed to the capital of the bank. The promoters of the bank are W.A.D. Weerasinghe, Lakshman De Silva, Amarasinghe Gunatilleke,U. Vasantha Kumara, A.K. Leelananda, Milan Fernando, Daya Gamlathge, Sumana Balasuriya, N.V. Jayaratne, Leela Mohanasundaram, K.M.B.Ranasinghe, U.W. Upawansa, Siripala Perera and N.M. Jayasekera. "We have submitted an application to the Central Bank to get permission from the Monetary Board and are hopeful of getting it by early next year," said De Silva, one of the promoters. He further said: "Our main target groups are fixed income earners and the self-employed. We will launch unique banking products, which have already been identified, as soon as the bank opens for business". The bank will have all types of accounts except current accounts, which is prohibited by the licence. The minimum capital required to start an LSB is Rs 200 million, he added. The director board of the proposed bank comprise professionals who have excelled in the fields of commercial, development and central banking. A highly respected processional in the legal sector, a top level Sri Lanka Accounting Standards officer and a leading businessman too have been included in the board. A qualified and experienced banking professional who worked at the top of a leading bank has been headhunted as the new bank's chief executive officer. The advisory panel too include a former CEO and a chairman of two premier State banks. The objective of the promoters is to make the best use of their money which will be beneficial to them as well as the society. They hope to invest the money and their experience to serve the needy segments of the society. According to a promoter of the bank, the banking business was earlier confined to a few elite people in the country. It was a dream for the working class professionals as they did not have the necessary financial resources. "We were able to surpass the barriers due to the voluntary retirees and other interested parties. Several leading entrepreneurs and institutions too have indicated their willingness to subscribe to the capital of the bank and also share their expertise." According to the Central Bank Annual Report of 2001, there are 14 LSBs which have 327 branches scattered across the country. |
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