National Development Bank PLC (NDB) rang the Opening Bell to commence trading at the Colombo Stock Exchange (CSE) for the month of September and recognized the capital market as a key contributor to the growth of the Bank over the years.
Director/Chief Executive Officer of NDB Mr. Rajendra Theagarajah stated “NDB is a classic example of how a privatization process has evolved with the participation of the capital market. The Bank itself was formed by an act of parliament in 1979, but was actually one of the very first State Owned Enterprises to be listed here as early as 1993. Today, because of that participation in the CSE, the Bank has a market capitalization of over Rs. 27 Billion. We have around 8,000 shareholders who are given the opportunity to participate in the fruits of the performance of the Bank and in its value creation.”
Mr. Theagarajah added that the role of the capital market in any economy driven by market-based principals is inexplicable and relevant and went on to commend the CSE for fostering the development of the financial sector.
Mr. Theagarajah was accompanied by the Chairman of NDB Mr. Ananda Atukorala, Group CFO Mr. Faizan Ozman and the Senior Management of the Bank. The CSE was represented at the event by Chairman Mr. Vajira Kulatilaka, Director Mr. Moksevi Prelis, Chief Operating Officer Mr. Renuke Wijayawardhane and the Senior Management.
Sharing his remarks at the Ceremony, the Chairman of CSE Mr. Vajira Kulatilaka stated “We understand that the stock exchange has to play a crucial role in a developing country. We at the CSE are implementing our strategic plan to grow with the country and to take the Sri Lankan capital market to a world-class level.”
Mr. Kulatilaka went on to comment on the role of NDB in the context of the capital market, stating that the Bank has played an important part in developing the Sri Lankan capital market since 1979, having assisted a number of companies to embrace life as a public entity.
NDB is one of the largest financial groups in Sri Lanka with its services spread across retail and development banking, full service investment banking, investment advisory, security trading, wealth management, private equity management & property management. The Bank is also committed to the empowerment of the Micro & SME sectors of the country through financial, technical and educational support. (Media Release)