Seylan share issue draws Rs. 2 b draw

Seylan Bank’s share issue had drawn nearly Rs. 2 billion worth of applications.
Registrars to the issue SSP Corporate Services said yesterday it had received 3,150 applications requesting for 56.6 million shares at Rs. 35 each or worth Rs. 1.98 billion.
This provisional figure does not include applications from the North and East branches of Seylan hence the final amount could be higher.
An elated Chairman of Seylan Bank Eastman Narangoda said that, “Given the crisis the Bank underwent towards the end of last year, this oversubscription is an unequivocal endorsement by the people of Sri Lanka demonstrating the confidence they have in the Bank. This has been a great team effort. On behalf of Seylan Bank, I thank everybody who contributed to this success story and reassure them that Seylan Bank will grow from strength to strength and live upto their expectations”.
Under a separate Private Placement, the Bank of Ceylon and Sri Lanka Insurance Corporation were allocated 13 million and 19.15 million Ordinary (Voting) Shares of the Bank. 

Seylan Bank Malabe branch was shifted to its new premises at No.11, Athurugiriya Road, Malabe recently. HereEastman Narangoda- Chairman, Seylan Bank PLC, cutting the ribbon in the presence of Ajita Pasqual- General Manager,Chief Executive Officer, Sunil de Silva- Consultant, Credit Monitoring and Recoveries and R Nadarajah- Executive Director

The total capital expected to be generated from both the Private Placement and Public Offering was Rs. 3.025 Billion. This issue was primarily aimed at facilitating the future expansion of the Bank.
Among the significant initiatives made by the Seylan Bank’s new Chairman Mr. Eastman Narangoda and the Board of Directors were - the introduction of proper corporate governance practices by the appointment of Board Committees for Audit, risk Management, Nomination, HR and Remuneration, staffing key management positions with appropriately skilled professionals, and, commissioning and launching a three-year Strategic Plan. By implementing the Strategic Plan together with the said initiatives, the Bank consolidated its position as a reliable and trustworthy player in Sri Lanka’s banking industry.
The Seylan Bank effectively reduced its expenditure by Rs. 860 Mn within the past eight months as compared with 2008. However under the prevailing economic conditions Seylan Bank’s progress on the road to full recovery is quite noteworthy.
Chairman Narangoda concluded saying that both he and the Board of Directors looked to the strength of the staff and the confidence of the customers to truly become the “Bank with a Heart”.