Commercial Bank acquires Indra Finance Limited

Thursday, 04 September 2014 08:26

In one of the first transactions under the Financial Sector Consolidation Road Map mandated by the Central Bank of Sri Lanka, Commercial Bank of Ceylon PLC acquired a 100% stake of Indra Finance Limited, with the Share Sale and Purchase Agreement signed on 1st September 2014 at the Commercial Bank Head Office in Colombo.

Central Bank Appoints Four New Assistant Governors

Wednesday, 03 September 2014 08:03

The Monetary Board has appointed Mr D Wasantha, Mr C P A Karunathilake and Mr H A Karunaratne to the post of Assistant Governor with effect from 28 August, 2014. In addition, Mr S R Attygalle who is presently functioning as the Deputy Secretary to the Treasury has also been appointed as an Assistant Governor. These promotions have been made in accordance with the succession plan of the Central Bank of Sri Lanka (CBSL) to address the emerging challenges of the economy.

During the visit of the Seychelles delegation to Sri Lanka, Minister of Finance of Seychelles Hon Pierre Laporte who was a former Governor of the Central Bank of Seychelles, paid a courtesy call on Governor, Central Bank of Sri Lanka Mr Ajith Nivard Cabraal on August 29, 2014 at the Governor’s Office of the Central Bank of Sri Lanka in Colombo.

During August 2014, many banks and finance and leasing companies (NBFI) were actively involved in the consolidation process having understood the importance of meeting the set timelines.

Amãna Bank recently launched its flagship savings product “Savings Plan”; a unique savings scheme which allows customersto reach a target savings amount by a desired time period, helping them to develop the discipline of savings for the future.

The Central Bank of Sri Lanka and the People’s Bank of China entered into a Bilateral Investment Agreement on Bond Investment on the 25th August 2014, which enables the Central Bank of Sri Lanka to further diversify its reserves management activities into Chinese Renminbi denominated assets.

Softlogic Finance PLC is pleased to announce that its AAA rated Debenture received subscriptions of over Rs 4Billion on the opening day of its Issue of Rs 1.4Billion, and the issue was closed on the same day.

It gives me pleasure to present the first quarter performance of your Company for the financial year 2014/15. The Group recorded a consolidated revenue of Rs. 7.3Bn, a growth of 20%. Group operating profit closed at Rs. 452Mn while earnings stood at Rs. 247Mn, a decline of 12%.

Mr Hasrath Munasinghe Deputy General Manager – Marketing of Commercial Bank, the largest private bank and most valuable private sector brand in Sri Lanka, was recognised as ‘Marketing Professional of the Year’ at the Chief Marketing Officer (CMO) Asia Global Brand Excellence Awards 2014 in Singapore in recognition of his contribution to the disciplines of brand building and marketing in Sri Lanka.

Counting 20 years of hands-on experience in Marketing, Sales and Communications, HasrathMunasinghe has helped build many iconic brands in Sri Lanka in broadcast media, personal care and mobile telecommunications and has won multiple Gold Awards for his efforts from the Sri Lanka Institute of Marketing (SLIM).

He was adjudged one of the ‘Ten Outstanding Young Persons’ (TOYP) in Sri Lanka in 2013, receiving the most prestigious individual award for young achievers in the country. ‘Echelon’magazine’s twice named him in its ‘Top 40 under 40’ list of the top 40 executives under 40 years of age in Sri Lanka, in 2013 and 2014.In 2010, he received the Achievers and Leaders International Award from the Sri Lanka-India-South Africa-Singapore Partnership Summit.

The holder of eight professional and academic qualifications including two Masters Degrees from the Universities of Moratuwa (MSc in IT) and the University of Southern Queensland, Australia (MBA), and a Post Graduate Diploma in Marketing from the Chartered Institute of Marketing (CIM)UK, Hasrath has the distinction of being the youngest Sri Lankan to achieve both FCIM-UK and FSLIM status.

He currently serves as a board member of the Chartered Institute of Marketing (CIM) Sri Lanka region and in several committees of other institutes.


Photo caption:

Hasrath Munasinghe (centre) receives the Marketing Personality of the Year award at the 2014 CMO Asia Brand Excellence Awards.

Amãna Bank made a generous contribution for the second consecutive year to the Serendib Educational Foundation (SEF) in providing financial assistance and scholarships to deserving students who are capable of pursuing their studies but are unable to do so due to financial constraints.

Sri Lanka’s premier bank operating on Islamic banking principles, Amãna Bank now offers the market’s lowest five years Leasing (Ijara) rental of Rs 2,131/=(inclusive of VAT) per month for Rs. 100,000/- lease.

Commenting on this Amãna Bank’s Head of Leasing and Home Finance Mr Chaminda De Silva said “We are indeed delighted to offer the lowest five year leasing rental for brand new & unregistered vehicles in the market, which further strengthens our commitment to offer convenient and affordable leasing facilities to our valued customers. Further, there are no hidden residual payments or other hidden charges to this offer and customers can obtain the credit approval for their lease facility within 24 hours from any of our branches located island wide.”

Elaborating on the Bank’s unique Leasing concept Mr Siddeeque Akbar, VP Consumer Banking and Strategic Marketing said “Our leasing concept operates according to Ijara principles, where the Bank buys the vehicle the customer requires and rents it back to the customer so that he/she could enjoy using the vehicle. At the end of the agreed rental period the Bank will gift the vehicle to the customer so that the customer can enjoy the full ownership of it.”

With an effective service through minimum paper work and less hassle, Amãna Bank Leasing offers minimal processing time and speedy delivery. The leasing facilities are provided up to 5 years and 100% of the vehicle value for brand new and unregistered vehicles. Easy payment options are also available for insurance based on customer preference whilst no guarantors are required for professionals. A special offer is also available for registered vehicles.

Amãna Bank is the first Licensed Commercial Bank in Sri Lanka to operate in complete harmony with the non-interest based Islamic banking model. Powered by the stability and the support of its strategic shareholders, Bank Islam Malaysia Berhad, The Islamic Development Bank based in Saudi Arabia and AB Bank in Bangladesh, Amãna Bank is making inroads within the Sri Lankan banking industry and is focused on capitalizing the growing market potential for the unique banking model across the country.