On the 50th
anniversary of the rankings, Sampath Bank PLC was recently ranked among the Top
1000 World Banks in 2020 by the UK Banker magazine, continuing to win awards
and recognition in Sri Lanka and worldwide. The Banker, which has been
delivering global financial intelligence since 1926, is the world's premier
banking and finance resource. The Banker is the industry's leading source of
knowledge and research.
The Banker's Top
1000 World Banks list has set the industry benchmark since 1970, providing comprehensive
intelligence on the health and prosperity of the banking sector. "It is a
great privilege to be recorded alongside the world's leading financial service
providers in the Top 1000 World Banks 2020 of The Banker magazine," said
Nanda Fernando, Managing Director of Sampath Bank PLC.
This achievement
reflects our strong foundations, coming when we struggle for more than a year
with competitive market conditions. This achievement would not have been
possible, deprived of the leadership of our Board of Directors, the support of
my entire Sampath Bank team, and the love and trust that countless Sri Lankans
have invested in us. To give the nation more excellent value, we will continue
to work.
The asset base
of Sampath Bank exceeded Rs. 1 trillion earlier this year, making it the
youngest Bank in Sri Lanka and one of very few to achieve this in the country's
banking sector. Despite the uncertain market conditions over the past one and a
half years, the Bank has continued to increase its asset base. This initiation reflects
a true testament to Sampath Bank's strength and stability and the confidence
invested by investors and customers alike in it.
At the significant
World Finance Banking Awards organized by the UK-based World Finance journal,
Sampath Bank recognizes as Sri Lanka's 'Best Retail Bank' and 'Best Commercial
Bank.' In a survey commissioned and conceptualized by LMD and conducted by
Brand Finance, the Bank was voted the most loved banking brand globally, placed
among the top 10 'Most Loved Brands' in LMD's Brands Annual rankings, and
placed 5th among the Most Valuable Entities in Sri Lanka.
Sampath Bank is
a 100% local bank that has deeply rooted itself in the lives of the Sri Lankan
people. Founded in 1987, the Bank has become a state-of-the-art financial
institution which, thanks to its constant innovation and customer-focused
approach to business, continues to be a market leader today. The Sri Lankan
banking sector has launched many firsts, including the introduction of ATMs to
Sri Lanka, extended banking hours, and slip-less banking, to name a few.
OSL Take: The
statements by the top management of the Sampath Bank reveals the many business
opportunities in Sri Lanka, and also for global companies, it is a welcome sign
looking at expanding into other parts of the region. Further, the government of
Sri Lanka focused on increasing the inflow of foreign direct investments to the
country.
A hopeful sign
for international companies/investors looking at doing business with the state
is to recognize the need to modernize the laws of the country to attract more
foreign investments to Sri Lanka. The geographical location of Sri Lanka in the
Indian Ocean, the country's ease of doing business, and the many trade deals
and trade concessions enjoyed by the state have made it an attractive business
destination in South Asia.
VBS/At/21102020/Z_TB5
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