More than 250 staff has applied for Seylan Bank’s Rs 600 million Voluntary Retirement Scheme (VRS) which was made available on an exclusively on-line basis for the first time in the history of Sri Lankan banking, according to Seylan officials.
“There’s room only for 250 applicants, but we got more than that,” a Seylan official told the Business Times. He said of its 3622 employees Seylan planned this scheme for 250 as it’s the excess staff.
“We finalised Rs 600 million VRS scheme (through online applications) and it is a first time in this industry,” he said, adding that Seylan has 8% of employees nearing retirement age, but it’s not clear how many (of those) will accept it. He noted that with this VRS, Seylan will also roll out a series of strategic measures such as organizational restructuring, investment in advanced technology, and employee job enrichment and engagement processes by benchmarking international best practices from within and outside the country.
The official also said that Seylan has plans for an Rs 1 billion rights issue after its extraordinary general meeting in May. The bank recorded a net profit of Rs. 1.2 billion for 2010 which is a 126% increase compared to Rs. 543 million for the previous financial year. Pre-tax profit, at Rs. 1.9 billion, was up by a staggering 124% from 2009, the highest ever profit figure earned by the bank since its inception. |
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