SLS Bank aims to raise Rs. 1 bln in deposits
The Sri Lanka Savings Bank, in business for the last seven years, is coming up with a new advertising plan and a new logo “SLS Bank” aimed at raising Rs. 1 billion in deposits in addition to increasing the customer base by 50 per cent.
At a media briefing held last week in Colombo, Kapila Keerawella, Senior Manager, Credit, SLS Bank said that the customer base would be increased by 25 per cent through alliances with customers and the other 25 per cent from new customers.
According to him, SLS Bank would have a commercial lending of Rs. 1.5 billion portfolio as a strategy to further diversity the lending portfolio.
While, as a fully owned state bank SLS Bank would strive to augment the state coffers, Mr. Weerawella said that through the bank’s main thrust – Micro and SME finance -, they expect to increase this portfolio to Rs 1.5 billion.
They would finance 1,000 milking cows in 2014 and would maintain interest rates from these loans at 4 per cent.
He said that they would improve the savings rate to mobilize savings, keep the overheads under check, curtail the FD rates, maintain risk tolerance lending rates at 15 per cent and apportion the fixed cost over a large volume.
In the automation plans for 2014 the bank would develop ATM Switches and avoid operational delays and introduce effective controls and provide online banking through their website network.
He said the lending portfolio would be to diversify commercial lending to leasing, hire purchase and personal loans.
On the sidelines of the media briefing when the Business Times asked Mr. Keerawella whether the SLS Bank’s offer of special interest rates would intrude into the business of other similar banks by luring their customers to SLS, Mr. Keerawella said such interest rates would only be offered after negotiations.