Seylan Bank on way to progress

Lalin FERNANDOPULLE

The Seylan Bank is doing well with stability and confidence of depositors being restored, said General Manager, CEO, Seylan Bank, Ajitha Pasqual.

He said the bank's financial stability and normalcy were restored within a short time due to the commitment of the Board of Directors comprising experienced and eminent personalities in the banking and financial sector.

"Risk management, timely delivery and improving credit quality are priorities in developing the bank. Deposits are increasing and the bank is focusing on recovery and improving the quality of lending", Pasqual said.

The Seylan Bank with a large customer base and a branch network ran into crisis late last year as depositors withdrew money due to loss of confidence on its stability following the crisis in the Golden Key Credit Card Company.

The timely intervention of the Central Bank which appointed a new Board of Directors to the Seylan Bank helped build confidence in the financial status of the bank. The New Board comprise Eastman Narangoda Chairman, Executive Director R. Nadarajah and Directors Lalith Withana, Naomal Goonewardena, Nihal Jayamanne PC and Rear Admiral Anand Peiris.

"Commitment of employees and the support of the customers in all branches helped to restore stability and reposition the bank.The new Board is confident that the bank will win the trust of the people and provide them a good service", he said.

Sampath Bank and LOLC have been short listed and one will be selected shortly to be the strategic partner for Seylan Bank.The management of the Seylan Bank by the Central Bank is scheduled to end by June 30.

Pasqual said the bank branch network will be expanded to the North, East and other parts of South during the second quarter of the year.

The Central Bank has undertaken to manage the Seylan Bank to regain position it held.