Bank of Ceylon to open branch in Capital City in November

Bank of Ceylon to open branch in Capital City in November

23-October-2013

The Bank of Ceylon’s branch in Seychelles is set to open by the end of November, its country manager/chief executive Ranjith Haputhanthri told Seychelles Nation yesterday.

Also assistant general manager of the bank’s overseas branches, Mr Haputhanthri said the Bank of Ceylon received a proposal from the Sri Lankan government to consider opening a branch here and since then representatives of the largest bank in Sri Lanka have been coming to Seychelles frequently.

“The decision to open the Bank of Ceylon branch in Seychelles was taken in August this year and it has taken us two months to obtain our domestic and offshore banking licences and incorporation,” noted Mr Haputhanthri.

The bank, based on the second floor of the Capital City building, has started running advertisements here to recruit suitable candidates to work in the front office, customer service, as banking assistants and cashiers.

The other top two positions in the bank – deputy manager and operations manager – will be occupied by foreigners.

“The business environment in Seychelles is very good. We will be working cooperatively with the other banks and we intend to introduce new banking procedures on the market that will benefit the development of the country and enhance the living standard of the local community,” said Mr Haputhanthri.

He added: “I hope Bank of Ceylon’s presence will induce some significant changes in the Seychelles banking sector.”

When it opens its doors officially by the end of November, the bank hopes to attract corporations or large businesses, small and medium enterprises, and individual members of the public (retail banking) to deposit and lend money.

“A bank’s business is about depositing and lending money and we look forward to doing business here. It will take us at least two or three months to adjust to the Seychelles market,” said Mr Haputhanthri.

In a recent interview with Sri Lanka’s Daily News, Bank of Ceylon chairman Razik Zarook said the 100% government-owned bank decided to open the branch in Seychelles in response to numerous requests they received from both Seychelles and Sri Lanka.

"After the recent visit of President Malinda Rajapaksa to the country (Seychelles), there is tremendous economic interest and it's to cater to this that we decided to move in to Seychelles,” said Mr Zarook.

Bank of Ceylon has branches in Male (Maldives), Chennai (India), London (United Kingdom) and intends to open some more in other parts of the world in the future.

http://www.nation.sc/article.html?id=239509

Bank of Ceylon joins Seychelles’ financial market

21-January-2014
Sri Lanka’s number one bank – the Bank of Ceylon -- has officially entered the Seychelles financial market with the opening of its local branch in Victoria yesterday morning.

Situated on the 2nd floor of the Capital City in the heart of Victoria, the bank was officially opened by Vice-President Danny Faure, who had the honour to cut the ribbon along with the bank’s general manager and chief executive D. M. Gunasekara and its Seychelles branch manager Ranjith Haputhanthri.

VP Faure cut the ribbon before he and other guests lit an oil lamp which signifies the start of a bright new future for the Bank of Ceylon here.

The ceremony took place in the presence of the Minister for Finance, Trade and Investment Pierre Laporte, the principal secretary in the same ministry Steve Fanny, the governor of the Central Bank Caroline Abel, a large group of key personalities from the banking and business sectors, Sri Lanka’s and Seychelles’ diplomatic representatives, among other guests.

Addressing everyone present Vice-President Faure said : ‘’The Seychelles economy is in need of another bank and the opening of the Bank of Ceylon is good news for the economy which in fact needs more such banks.”

But while welcoming the bank and hailing its decision to join the Seychelles financial market, VP Faure reminded its management that their greatest challenge is to meet the high expectations of ordinary consumers and the business community at large, something which he said he has no doubt the bank will be able to do.

Echoing the words of Vice-President Faure, Minister Laporte also extended his warm welcome to the Bank of Ceylon for joining Seychelles’ financial market and hailed the efforts and political will of the Seychelles and Sri Lankan governments who have made it possible for the bank to open here today.

Mr Gunasekara said the bank will offer a wide range of services including corporate, retail, offshore and internet banking, foreign exchange transactions, deposit accounts as well as credit facilities for traders, the tourism industry, the agriculture and fisheries sectors.

Furthermore Mr Gunasekara said the bank will also go into the leasing business, a field which is new here but which has been made possible with the approval in November last year by the National Assembly of the Financial Leasing Bill. To date no bank here has ventured into that field yet.

“The Bank of Ceylon is doing the leasing business in a big way back in Sri Lanka and therefore it will be easy to capture that market here. No bank is offering the service yet as it is a new product but we will be offering it,” said Mr Gunasekara.

With regard to challenges he pointed out that the Bank of Ceylon plans to do more and offer more than the already well established banks are providing.

“If we offer many more services, attractive things and deliver in an efficient way, people will come to us,” Mr Gunasekara stressed.

He further added that local ordinary consumers could open accounts, save money and get loans from the bank as in any other banks but at competitive and attractive rates.

The Bank of Ceylon Seychelles branch has recruited two Sri Lankan nationals and seven Seychellois to run its services.

The decision to open the Bank of Ceylon branch in Seychelles was taken in August last year and it has taken some two months for it to obtain its domestic and offshore banking licences and incorporation.

The Bank of Ceylon has 75 years of experience in the banking industry as Sri Lanka’s international bank with branches in Male (Maldives), Chennai (India), London (United Kingdom) and intends to open some more in other parts of the world in the future.

http://www.nation.sc/article.html?id=240445

The promise of Bank of Ceylon

22-January-2014
Congratulations to the Bank of Ceylon (BoC) for opening a branch in Seychelles within a very short time, following the strategic decision taken in August last year.

On behalf of the Seychelles government, attending the opening ceremony, Vice-President Danny Faure articulated that the challenge for the BoC is now to meet the high expectations of the local consumers, be it individuals or corporate clients. Those who live as far as Quatre Bornes, Takamaka should benefit from the bank’s services, he added.

Indeed, the expectations of local consumers are high in terms of quality, convenience and affordability. Young local consumers, in particular, expect to conduct their financial transactions speedily, conveniently and securely via their mobile devices and electron cards. At the same time, they would like to avail some personal and business credit facilities at affordable rates.

The senior management of BoC pledged that the bank will perform beyond ‘expectations’.

It is now up to the BoC to deliver that pledge.

Gamini Herath

http://www.nation.sc/article.html?id=240455

Seychelles, Sri Lanka boost business ties

24-January-2014
Businessmen from Seychelles and Sri Lanka have been urged to explore the possibility of forging lasting partnerships and joint ventures in specific areas for the benefit of both countries’ economies.

The call was made by the Seychelles Minister for Finance, Trade and Investment Pierre Laporte during the official launch of the Seychelles-Sri Lanka business forum organised by the Seychelles Investment Board (SIB) in association with the Ceylon Chamber of Commerce of Sri Lanka and the Seychelles high commissioner in India.

The forum was held at the Seychelles Trading Company’s conference hall.

Minister Laporte noted that since Seychelles and Sri Lanka established diplomatic relations in 1998, both countries have witnessed great progress in key areas of cooperation.

“With our two presidents having exchanged very recently state visits and visits by other high level government officials to and from Sri Lanka, this cooperation has seen a renewed momentum especially in the exchange of technical expertise in the fields of education, health, maritime and nautical services , legal, aviation, defence and financial services,” said Minister Laporte.

He also made reference to the appointment in 2012 of a Seychelles non-resident ambassador to Sri Lanka, Waven William, which he said cemented the importance that Seychelles places in the bilateral relationship between Sri Lanka and Seychelles.

“Relevant steps have been taken over the years and will continue to be taken by the Seychelles government to make Seychelles an ideal place for doing business and to encourage foreign direct investment. Both countries have achieved unexpected and sustained growth as a result of strong direct investment,” said Minister Laporte.

Referring to the signing between our two countries in December 2013 of the agreement on the economic technical cooperation and the double taxation avoidance and prevention fiscal agreement in September 2011, Minister Laporte said steps have already been taken to promote economic cooperation.

Minster Laporte also drew attention to Seychelles’ geographical position between Africa and the Middle East and expressed the wish to maximise our country’s positioning to enhance its vision of becoming the trade and services hub for the region.

He said focus should be on developing bilateral trade agreements, extending the ports, enabling an environment for renewable energy products and offering a premiere financial services including wealth management, double flagging and company incorporation.

He also said that the launch of direct flights last year between Seychelles and Sri Lanka should assist in not only increasing the volume of trade between our two countries but also the number of visitors from both countries.

Regarding the newly opened Bank of Ceylon in Victoria earlier this week, Minister Laporte said the bank is another important milestone which will create another avenue for respective business communities to conduct business and seek financing to generate maximum revenues.

“The installation in 2012 of our first fiber optic cable has greatly improved communications and internet connectivity and opened up the area of ICT for more commerce, finance and banking,” said the minister. “This business forum therefore provides us with an ideal opportunity to further explore potential opportunities in the area of trade and commerce, fisheries, tourism and generally to further promote our economic relations,” added the minister.

Also present at the forum were not only business operators from Sri Lanka but also those from the private sector of Seychelles who are interested to network and promote their respective products and services.

As for the secretary general and chief executive of the Ceylon Chamber of Commerce, Harin Malwatte, he said the event will go down in the history book of Sri Lanka and its Chamber of Commerce because firstly it is the first formal business deliberations that have taken place between Sri Lanka and Seychelles as the Ceylon Chamber of Commerce does not have one on record.

To him this is a landmark achievement especially as the Ceylon Chamber of Commerce marks its 175th anniversary this year.

Secondly, it is the first business meeting arising from the first Commonwealth business forum held in Colombo last year which was aimed at forging businesses with Commonwealth countries.

He also mentioned the establishment of direct flights between the two countries which he said is important for business connectivity, a fully-fledged diplomatic mission here and the opening of the Bank of Ceylon.

Mr Malwatte then went on to introduce members of the Sri Lankan business delegation who are from diverse areas of business like plant quarantine which facilitates import and export of plants and plant care products; health care products, fruits and vegetables; ship building, repairing and engineering; fibre glass boats and allied products; fresh produce, preserved food items and hotel products; refrigeration technology comprising ice plants, cold room, to name some; agricultural products; cables for various function; decorative solutions for residences; paints; building materials; food products; jackets, umbrellas, PVC products, construction, tea, among others.

During the forum a memorandum of understanding aimed at creating a conducive environment for free enterprise to operate and to create wealth for the community, was signed between the two countries.
Mr Malwatte
Juliette Sicobo-Azais, secretary general of the Seychelles Chamber of Commerce and Industry signed on behalf of Seychelles while Mr Malwatte signed for Sri Lanka.

There were presentations by the chief executive officer of the SIB, Rupert Simeon; Mrs Sicobo-Azais; principal secretary in the Department of Tourism Anne Lafortune; representatives of the Seychelles Trading Company (STC) and Ministry of Natural Resources who gave an overview of their respective sectors and the business opportunities and assistance they offer.

http://www.nation.sc/article.html?id=240469

Bank of Ceylon keen to expand business in Seychelles

28-April-2016
The Bank of Ceylon, considered as Sri Lanka’s number one bank which opened a branch here in 2014, has expressed the desire to expand and continue its businesses in Victoria, as the present management sees a huge potential for business growth.
“We want to create a positive image for the bank and increase the number of customers in Seychelles,” Bank of Ceylon (BoC) chairman Ronald Perera is quoted as telling the Sri Lankan newspaper Sunday Observer last weekend.
The bank, he said it is now making operating profits – that is within two years of the opening. Last year it earned R32 million as operating profit and plans to increase it to R46 million in 2016.
“We see a lot of untapped potential there (Seychelles) and we can do much better in the future,” he told the newspaper.
The BoC branch has at present 691 customers including Sri Lankans living in Seychelles, other residents and locals. However, Mr Perera confirmed that the BoC in Seychelles does not maintain accounts owned by anyone living in Sri Lanka. The branch’s main business includes maintaining savings and current accounts, lending and trading.
Mr Perera also ruled out any possibility of wrongdoings or misusing the bank for illegal or unethical activities since the branch’s opening.
“We have conducted thorough investigations and there was no evidence to confirm any illegal activity or money laundering based on this branch,” he said.
Therefore, there is no reason to close down the branch. If it is to be closed down, there should be a good reason such as consistent losses or mismanagement.
“We have no such issue with the Seychelles branch,” he added.
Though there are eight foreign banks in Seychelles and the competition is growing, Mr Perera has insisted that the country “is not a tax haven for dodgers; there are strict banking regulations.”
However, the chairman has admitted that recent adverse publicity in Sri Lanka has affected the business sentiments in the Seychelles branch.
“We have to convince our existing customers that we are going to be there for a long time and attract new customers to do banking with us in the future. We plan to do a publicity campaign for that,” he has concluded.

http://www.nation.sc/article.html?id=249251