HNB, best retail bank

Hatton National Bank wins the award for Best Retail Bank in Sri Lanka, 2008. For the second consecutive time, Hatton National Bank won the prestigious award for a successful retail expansion strategy targeting new customer segments.

Over 120 banks and financial institutions from 22 countries across the Asia Pacific, Gulf and Central Asian regions were evaluated as part of the Excellence in Retail Financial Services Program.

Rajendra Theagarajah Managing Director/CEO of HNB with Brett King, International Resource Director, Asian Banker (left) and Christian Kapfer- Head, Excellence in Retail Financial Services Program (right).

Hatton National Bank has been named Sri Lanka's Best Retail Bank in the seventh Asian Banker Excellence in Retail Financial Services Awards Program.

The bank received the award at The Asian Banker Excellence in Retail Financial Services Awards 2009 ceremony, held in conjunction with the region's foremost retail banking event, the Excellence in Retail Financial Services Convention. The ceremony was held at the Grand Hyatt in Singapore on the evening of March 19.

About 120 senior bankers from award winning banks in 22 countries across the Asia Pacific, the Gulf and Central Asian regions attended the formal gala dinner, the industry's celebration of the region's best retail bankers that recognizes their efforts in bringing superior products and services to their customers.

The awards programme, administered by The Asian Banker and refereed by prominent global bankers, consultants and academics, is the most prestigious of its kind.

Transparent

A stringent three month-long evaluation process, based on a balanced and transparent scorecard, determined the winners and the position of the different retail banks in the region. A full list of winners is attached.

Hatton National Bank wins the award for Best Retail Bank in Sri Lanka, 2008.

Hatton National Bank has won the Best Retail Bank in Sri Lanka for 2008 for the second time in a row, gaining higher scores than the other banks surveyed in the program, including Nations Trust Bank, HSBC and Standard Chartered Bank in Sri Lanka.

Hatton National Bank possesses a wide reaching franchise throughout the country, which increased further in 2008. It expanded its branch network to the rural and semi-rural sectors and launched new retail products targeting new customer segments, such as children, adolescents and the elderly. The bank's main target is to expand its low-cost deposits.

This strategy proved suitable for 2008 amidst the raging inflation and regulatory restrictions in Sri Lanka. The bank displayed healthy profit growth of 38% and 11% growth in retail deposits YOY from September 2007 to September 2008. The sales performance of Hatton National Bank was astonishing, with triple digit growth in newly opened branches.

"The bank aims to enhance its self-service sector, but still has some way to go to match the international standards. Nonetheless the development is impressive," says Chris Kapfer, head of Excellence in Retail Financial Services Awards Programme at The Asian Banker.

Exchange houses

Realising the importance of foreign remittances to Sri Lanka, HNB took the initiative to invest in exchange houses in the Middle East. These exchange houses opened the way for remittances and money exchange. New technologies also enhanced the incoming flow of remittances, which accounted for approximately $450 million up to September 2008, which is about 20% of Sri Lanka's total remittances.