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Seylan
to tap new market segments
Plans
are underway for aggressive expansions of the remittance
market, agri-based financial services, pawning and gold
investment
By
Indika Sakalasooriya
Seylan Bank PLC, one of Sri Lanka’s premier
private banks in the country, is gearing up to tap three
largely untapped markets aggressively, to triumph over
the predicted gloom in the local as well as international
banking sector in the approaching years.
“We have to admit that these are dim days for banking.
But I’m an optimist. There are ways and means to
overcome the prevailing hurdles if one thinks innovatively.
At the moment we are aggressively looking at the lucrative
remittances, agri-based banking services, pawning and
gold investment activities” Seylan Bank GM/CEO
Ajita Pasqual told The Bottom Line. He pointed out that
this wasn’t the time for banks to go for big projects.
“This is the time we have to shift from conventional
strategies and look for new ones. We have to look at
the areas that are stable in these turbulent times”
According to Pasqual, in Saudi Arabia alone, there are
around 500,000 Sri Lankan blue collar workers. “These
are the people who send their money to their kith and
kin in Sri Lanka regularly. But this is largely an untapped
market. While providing these Sri Lankans quality banking
services, we are planning to give value additions like
Visa debit cards, door step delivery services etc. Indeed
we have very high expectations about this sector”
he said.
Elaborating on their expansion into the agri-based banking
services, Pasqual said that the bank is planning to
provide the farmers, especially in the paddy cultivation
areas of the country with agri-loans to take their farming
into new heights by providing the opportunity to purchase
state-of-the-art farming equipment.
“We already have a presence in some of the farming
areas, where only state banks are present.
The newly opened Seylan Bank Agro Centre in Padaviya
is becoming very popular among the farming community
in the area and we are planning to provide them with
specially designed products that suit their lifestyles
and capacities” he added.
As for the third area, the bank is expanding its presence
is pawning. For the last six months, we have been aggressively
expanding our pawning centre network and it has proved
to be a lucrative business. Therefore in the coming
few months we are planning to further tighten our thrust
in pawning” Pasqual stressed. Parallel to this
Seylan Bank has also introduced a pioneering product
enabling customers to invest and trade in gold with
the launch of Ceylinco Seylan Gold Heart Account.
Seylan Bank already has around 73 pawning centers. While
expanding the number of pawning centers, the bank also
expects to expand its branch and ATM network in the
near future.
While adopting new strategies to steer ahead, the bank
also has further strengthened its Corporate Social Responsibility
activities. Seylan Bank’s CSR projects have touched
the lives of thousands in this country positively and
have been able to uplift their living standards.
Seylan Bank’s CSR activities have also uplifted
the agricultural economy of the country not only from
funding but also in terms of development of their environment.
Around 225 families were benefited from the construction
of a drinking water well in the destitute agricultural
village of Ethimalawewa in Moneragala where people got
an opportunity to consume hygienic water. This project
helps to decrease kidney related diseases, which the
community is associated with.
Seylan Bank has played a huge role in uplifting education
in rural areas. It has donated IT equipment and printers
for the welfare of personnel of the Saliyapura Gajaba
Regiment in order to work towards skills development.
Further it has presented 4400 school bags to destitute
students during the year 2007.
Seylan Bank last week saw the results of one of the
best CSR projects shouldered by its Founder Chairman
– Deshamanya Dr. Lalith Kotelawala. Seylan Bank’s
moment of joy came when medical student Samitha, who
was paralyzed due to an unfortunate event that took
place a few months ago, returned to her faculty to pursue
studies after a couple of expensive surgeries in China
and Singapore. Kotelawala showed interest in this matter
and made Samitha’s dream of becoming a doctor,
a reality.
The bank also has made considerable contributions towards
the development of the visually and hearing impaired
persons.
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