Pan Asia Bank poised for stronger growth

Pan Asia Bank (PAB) which recorded a robust growth last year is poised for another strong financial year will be launch a series of service related and customer convenience products soon, said PAB Deputy General Manager, Retail Banking and SME, Irishad Ally.

Irishad Ally

PAB which operates 76 branches across the country will open the 77th branch in Horana on Thursday, October 24. The bank plans to operate around 90 branches next year.

The bank continually improvies its alternate channels to provide customers with enhanced accessibility by enhancing its services through areas such as ATMs, internet banking and SMS alerts. The bank revamped its corporate web portal early this year to create a stronger presence in the online domain.

"PAB is a public limited company and a licensed commercial bank listed in the Colombo Stock Exchange. The bank has an asset base of Rs. 45 billion and deposits of Rs. 52 billion," a bank spokesman said.

"The dip in gold prices this year had a negative impact on the bank's performance. Despite such odds the bank will excel in its performance as one of the leading banks in the country this year," Ally said.

PAB plans to launch micro-finance products for small businesses next year.

The bank focuses on retail banking, Small and Medium-scale Enterprises and corporate banking. PAB conducts workshops for SME sector entrepreneurs to educate them on banking facilities and cash flow.

He said that the crisis in certain financial institutions has benefited the bank positively as customers are placing more confidence in the banking sector which is regulated by the Central Bank. Pan Asia Bank inked a deal with the Global Climate Partnership Fund (GCPF) to obtain US$20 million to finance green energy in the country. The GCPF is promoted by the German and Denmark governments, KfW, a development financier and the International Finance Corporation, a World Bank arm.