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| Sunday, 28 March 2004 |
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| News Business Features Editorial
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Deutsche- Sampath partnership pact Deutsche bank last week signed a partnership agreement with Sampath Bank that will allow Deutsche Bank's corporate customers greater access to its cash management services in Sri Lanka via Sampath Bank's extensive branch network. This alliance provides better geographic coverage and allows Deutsche Banks customers using db-direct internet, Deutsche bank's electronic banking platform to have country-wide access to value added cash management. Financing facilities would also be made available through Sampath Bank for dealers and distributors of these customers which would result in improved working capital management. A prominent information technology leader in the local financial services industry, Sampath Bank has a strong established presence in the country with 64 branches located islandwide. Through Sampath Banks real time online branch network, Deutsche Bank's customers would enjoy access to cash and cheque collections services islandwide. This would result in faster turnaround time for cheque clearing and cash/ cheque pick up. details of such transactions executed via Sampath Bank will be available to customers through db-direct internet. Managing Director and CEO of Sampath Bank, Anil Amarasuriya, said " we look forward to the collaboration with Deutsche Bank as we see this as a cross selling opportunity to offer our services, particularly the provision of dealer financing, to another target customer segment. In addition with more transaction volumes moving through our branch network, we would be able to optimise the bank's online capabilities." Regarding future plans of the bank, he said they would move to Trincomalee in May while opening a branch in Jaffna is also scheduled for end of this year. The bank, which is celebrating 17 years, has recorded growth in assets as well as in profits, he added. Deutsche Bank Chief Country Officer and head of cash management, Stefan Mahrdt, said," by working closely with Sampath Bank, we are able to go deep into the customers fianancial value chain thereby enahncing the efficiency of our cash management services. This in turn translates into improved cash flow and convenience for customers and their dealers." Among the benefits are speed, reduction in interest costs, improved cash flows while dealers would be able to sell more goods at lower costs, said Mahrdt. |
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