Business Banking

IOB plans to double assets in Lanka

Indian Overseas Bank's Chairman & Managing Director S.A. Bhat visited the Island to review their operations in Colombo and will decide the future strategy. He met the Governor of Central Bank of Sri Lanka and discussed infrastructure projects on power port and railways and narrated Bank's plans to increase investments in Sri Lanka. He also met the Indian High Commissioner.

Bhat also participated in a Corporate Customer Meeting held at Taj Samudra and had detailed interaction with CEOs of Corporates lide Dialog Telekom Ltd., Lanka Orix Leasing Co., PLC Ceylon Glass Company and Richard Pieris Co. Ltd., Indian Overseas Bank in Colombo has made an Operating Profit of Rupees 127.7 Mn. for the half year ended September 30 with an impressive growth of 136 per cent in assets during the last one year.

Bank has got plans to double its assets-base further within next two years and improve its market share in Sri Lanka. IOB has plans to strengthen its presence in Treasury Market and to introduce ATM and Debit Card shortly.

IOB in its Global Operations for the half year ended 30.09.2007 has crossed total business of USD 33 billion, recording year on year growth of 32 per cent. Operating Profit and Net Profit of the Global Operations have gone up by 52 per cent and 24.65 per cent respectively.

Gross and Net NPA of the Bank has come down to 2.10 per cent and 0.35 respectively. The Bank maintains CRAR of 13.31 per cent with its EPS @ 21.59.

People's Bank pledges to fulfill national aspirations

Chairman of state banking giant People's Bank, W. Karunajeewa recently said that People's Bank is prepared to offer the best concessions and the highest level of support for the stability and welfare of the co-operative sector, following the 2008 budget proposals presented by His Excellency, the President Mahinda Rajapaksa.

He went on to say that People's Bank had its roots firmly planted in the co-operative movement, and that the Bank will always take the necessary steps to ensure its interests.

He stated this at a meeting held recently at the Staff Training College of People's Bank under the theme of '2008 Budget - the Responsibilities of the Co-operative Movement and the Contribution of People's Bank.'

Karunajeewa added that the budget proposals presented by the President have given numerous rate concessions and financial facilities to the co-operative movement that would undoubtedly strengthen it to compete with the private sector.

"Many a previous budget had restricted this sense of competition within the co-operative sector, and had not allocated it this many concessions," he said.

"The relationship between the co-operative movement and People's bank is a long-standing one, with People's Bank being its only banker.

The present system of rural banking sector, which is a profitable entity of the multi-purpose co-operative societies, was established with the leadership and initiative of People's Bank. These multi-purpose co-operative societies have accumulated deposits of nearly Rs.30bn through 1,650 rural banks, he said.

The Chairman added that the Bank has extended various loans, overdrafts and other financial facilities at low interest rates.

"The Government provides concessions on essential consumer goods amidst great economic pressures. Yet profit-oriented businessmen have not taken steps to ensure that these concessions are transferred on to the people.

It is with a clear understanding of this situation that the government stepped into remedy the situation through the co-operative sector. The government's main aim was to utilize the co-operative sector to ease the economic hardships of the people," Karunajeewa added. He also said it is his sincere hope that co-operative societies will face market competition with a positive attitude, while working to meet the President's objectives of economic development.

Chief Executive Officer/General Manager, People's Bank Asoka de Silva said that the co-operative movement is a prominent stakeholder of People's Bank. Through the suggestions made in the 2008 budget to strengthen the co-operative movement, the Government expects to increase the efficiency of the co-operative movement and to reduce the prices of essential consumer items, in order to find solutions to the economic hardships of the people.

"There needs to be a collective attitudinal change in all workers of the co-operative sector in order to achieve the vision and objectives of the 2008 budget proposals," he added.

ICICI Bank sponsors 'Mad About Money'

ICICI Bank, Salary Accounts sponsored the recently staged 'Mad About Money' at the Cinnamon Grand Hotel.

This highly successful, internationally acclaimed English Theatre from India had ICICI Bank's customers in stitches of laughter.

Produced by Ashwin Gidwani and directed by Mahesh Dattani, Mad About Money has been staged in Mumbai, Bangkok, Singapore, Kuala Lumpur and Dubai to packed audiences.

"We saw this as an opportunity to thank our customers for their loyalty towards ICICI Bank, as well as promote our products and services, namely our Salary Accounts which has become increasingly popular with local Corporates", said Senior Vice President and Head of Retail Liabilities, Sachin Sikka.

Sikka said that the Bank's customers could look forward to many more such events, as well as a host of new products and facilities that they hoped to launch.

HSBC Living Business seminar appreciated by SMBs in Moratuwa

The Living Business seminar organized by HSBC for Small and Medium Scale Enterprises was held on November 14 at the HSBC Moratuwa Branch.

Amidst a significant gathering of small and medium business enthusiasts, three renowned experts shed light on socially conscious approaches to sustain growth and profitability.

To benefit the participants better, the seminar was conducted in Sinhala and the effort was highly commended by the attendees.

The first speaker to start the session was Geehanthi Weerasinghe from the National Cleaner Production Centre. Her presentation was based on the Triple Bottom Line approach to business, where she urged companies to rethink their attitude towards waste management.

Instead of ignoring it, attempts should be made to prevent or reduce waste at the very outset, since this will lead to lower costs and better benefits.

Prof Ajith de Alwis, from the University of Moratuwa was the next to share his expertise on "Energy Excellence is Business Excellence".

He stated some disturbing facts about the consumption of energy against the profitability equation and highlighted inefficient patterns of energy consumption in the country.

The Deputy Director General of Sri Lanka Sustainable Energy Authority Harsha Wickremasinghe, addressed the gathering on "The Roadmap to Sustainable Business in a Global Economy".

He illustrated the importance of energy conservation and the necessity to record and document usage in order to improve margins.