Seylan Bank sets higher goals

Hiran H. Senewiratne

Seylan Bank Plc will work out a new strategic plan to direct the bank to make it one of the leading commercial banks in the country, its new Chairman Eastman Narangoda said.

“Seylan Bank is confident that the Bank would be able to meet any challenge that is thrown at the Bank. The Bank has also honoured each and every withdrawal,” Narangoda told a media conference yesterday to announce the current position of the Bank.

He said the prime task of the Bank at this point of time is to overcome the risk and also building the confidence of the depositors to create complete stability in the Bank.

Narangoda said they would firstly tackle the current problems in Seylan Bank’s credit quality and balance sheet to move the banking paradigm shift in the country.

“We don’t have any plan to retrench the staff of the Bank, which has a strength of 3,800 and are also using the existing resources to improve the productivity of the Bank,” he said.

“With these developments it has now returned to normal and customers are now bringing in new deposits including some who bring the deposits withdrawn,” he said. The new partnership with the Bank of Ceylon is a source of strength and it will provide solid support for Seylan Bank as the Bank re-surges to its original status, he said.

The Chairman said that the Central Bank would support Seylan Bank in any eventuality to maintain the stability in the bank and the entire system in the country.

The Chief Executive Officer (CEO) Seylan Bank Ajitha Pasqual said customers need not fear or panic over any uncertainty with regard to their deposits, especially considering the decision taken by the Central Bank to intervene to ensure stability and continuity of services of the Bank.

He said that the change of share-holding would not have an impact on the Bank. All 93 bank branches and 15 service centres are functioning well.

Pasqual said the new management of Seylan Bank is in the process of preparing a strategic footprint, taking into account external and internal realities to take the Bank to its next level and give its customers the most professional banking services.