Seylan Merchant Bank Plc, a public quoted company, plans to rename the company as SMB Holdings Plc subject to shareholder approval at special meeting of shareholders.
In a statement, it said the new identity has been necessitated by certain strategic decisions made following the worldwide economic crisis coupled with the local financial crises and their effects on the Sri Lankan market and the company as a whole.
Its current subsidiaries and associate companies include SMB Securities Ltd, SMB Money Brokers Ltd, SMB Kenanga Investment Corporation Limited and SMB Real Estate Ltd. SMB plans to focus on its core products and also launch ‘Factoring’ which is expected to play a major role in its operations and establish itself as a provider of an unparallel Service to the Financial sector and its existing and prospective Clients.
According to SMB’s non-executive Deputy Chairman Rohan Senanayake, “We plan to bring out a whole new dimension to the company and this will soon be reflected in our activities.” |
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