Mr. P.V. Pathirana, CEO/General Manager of People's Bank |
People's Bank is a banking institution that truly supports the economic development of the country. Having been established in the year 1961 as a state owned banking institution, the bank's main objective is to provide fully fledged banking facilities including the areas of retail and development banking, commercial banking and overseas customer and foreign currency services. The main expectation of the bank is focused around macro economic development, which involves developing positive attitudes amongst the people, technological development and capital formation. The Sunday Times spoke to Mr. P.V. Pathirana, CEO/General Manager of People's Bank to find out more about the bank's focus with regards to its future plans.
"With the intention of developing the country People's Bank will be focused on creating more employment opportunities, enhancing the Gross National Product, increasing foreign exchange earnings and savings and improving the economic growth of the country. The bank's earnings are largely reinvested towards the betterment of the people of Sri Lanka.
This is done with the bank investing in the government, where the government utilizes these funds for recurrent expenditure and infrastructure development in addition to funding various other types of long and medium term economic activities. Last Year alone People's Bank has contributed by way of taxes and levies an amount of Rs. 7.4 billion to the government for the economic development of the country.
 The reason for the recent financial crisis experienced by most corporate institutions and individuals is mainly due to them relying on unreliable financial institutions. People's Bank has always been functioning as a bank that works towards the development and progress of its customers as well as the country and therefore has established itself as bank that is closest to its people", says Mr. Pathirana.
The bank has a wide outreach spread across the country which includes 653 branches and service stations. With more than 11 million customers and 10,000 employees who represent all areas of the country which include the urban and rural sectors, the bank's staff members bring a wide scope of diversified knowledge and expertise to the bank. People's Bank also comprise of a diversified portfolio which includes corporate lending as well as micro small and medium sector lending.
"Economists all over the world have now realized the importance of SMEs (Small and Medium scale Enterprises). At People's Bank both our lending and deposit portfolios mainly represents the SME sectors. The deposits and loans provided to these sectors are widely sustainable which is an additional benefit to the bank.
 This year the bank has achieved its required capital adequacy ratio of 10.5% and therefore we are on par with all other banks in the industry. In addition to this People's Bank has the highest deposit base in the country out of which we also have the highest savings base in Sri Lanka", said Mr. Pathirana.
The bank is in the forefront of the rehabilitation and reconstruction activities of the North and East areas of the country. Under the 'Nagenahira Udanaya' the bank has contributed significantly which includes the opening of new branches and service centres, in the Batticaloa, Ampara and Trincomalee areas.
Under the bank's agricultural credit schemes many cultivation and dairy loans have been provided to the farmer communities.
The bank's branches located in the North and East areas have been functioning effectively despite the ongoing war in the country. The bank is also providing mobile banking services for people stationed in the army camps located in the areas of Chetticulam, Murunthan and Manikfarm.
As a state bank that is deeply involved in its CSR activities the bank has organized the immediate handing over of clothes, food and other commodities to the Defense Ministry and respective office bearers for the benefit of those stationed in the North and East areas.
With the backing of the Board of Directors and the corporate management, the bank intends to develop a system of mobilizing internal funds to rehabilitate infrastructure development in the Wanni areas.
With this regards various voluntary organizations of the bank comprising of the Buddhist Society, Sports Club, Art Society, Christian Guild etc., have agreed to donate a substantial amount towards the development of the Wanni areas.
 "Living up to its vision of becoming the banker for the aspiring people of Sri Lanka, the bank has positioned all its corporate and product brands to revolve around this theme. Our well positioned and consolidated brand offerings are derived based on customer demand and their needs and wants. At present our brand value is one of the highest in Sri Lanka and in addition to this our marketing mechanism ensures that top of the mind awareness is built in our customers minds. We are also very conscious with regards to the customers' decision making process; therefore all our key marketing drives and decisions revolve around this process.
We as a state bank can ensure customers the highest trust, our reputation as a bank always holds high the real value of being Sri Lankan and therefore we are always very close to our clients. Due to this the bank has been rated as the number one with regards to Brand Ratings amongst all financial and banking institutions in the country according to a survey conducted by Brand Finance Sri Lanka. A brand is considered to be a promise of performance and you can be rest assured that before we promise anything we ensure that we can deliver it", assured Mr. Pathirana.
The bank's employees are closely linked to their customers so therefore the bank too has established itself as part and parcel of its customers' lives. Peoples' Bank started off with a restructuring plan in the year 2001 which ended in the year 2003, the latest restructuring plan started in the year 2009 and is scheduled for completion in the year 2014. The bank's previous restructuring plans key focus areas was on credit evaluation and granting of credit.
In the future the bank plans on improving its HR activities and thereby create a more performance oriented culture. In addition to this expanding its deposit base and increasing market share is also in the bank's future plans and goals. Being with people and for people has been the core driving force of the bank. In the future to come, the bank will continue with these efforts and remain as the guiding light empowering people to achieve their dreams. |
E-mail