Satellite Operations

Sampath Bank is infusing over Rs. 75 mn to float a specialised leasing unit, to capitalise on the growing trend for operating leases. Sampath Bank is infusing over Rs. 75 mn to float a specialised leasing unit, to capitalise on the growing trend for operating leases. The yet-to-be-named company will start operations early next year, with Sampath looking at offering a 10 percent stake to staff through an employee share ownership scheme.

Current Banking Act limits Sampath’s activities to financial leases. “The new company will have to compete with the bank for business,” Sampath CEO, Anil Amarasuriya told an analysts meeting on Monday.

Tech-savvy Sampath is also taking a serious look at branching out with its own insurance company. Presently, the bank owns a 15 percent slice of Asian Alliance Insurance – a relatively small unit listed on the Colombo bourse.

“It’s on the cards, but it will take awhile. In the meantime we want to expand into Bangladesh and perhaps other markets in the region,” he said.

Sampath got a foot into Bangladesh, when merchant banker Vanik Inc., sold part of Vanik Bangladesh to the bank and Singa