Aug 02, 2008 (LBO) – Sri Lanka’s Sampath Bank is expanding to the island’s north and the east helping boost an economic revival in the areas after the end of war three decade war, an official said.
Sampath sees more potential in area as already business volumes are moving up.
“In the eastern region pawning has done tremendously well,” says Ranawala.
The four new branches had already done more than 100 million rupees in pawning or lending against gold as collateral for their new customers.
“Gold and jewellery is part and partial of their lives,” observes Ranwala.
The bank is also pushing to increase savings in the area. Competition is set to increase with more banks operating in the area.
“Government banks have been working for there for a longer period of time” says Ranawala.
“There is some bonding with them. But I believe service coupled with new products and the rates and the value additions will do.” Sampath Bank has already set up four branches in Kattankudi, Kalmunai, Akkaraipattu and Batticaloa in the eastern province.
At least seven more branches are planned for the East.
“I think there is an immense potential in the East,”says Tharaka Ranwal