International Finance

International Finance Magazine announces Financial Awards Winners for Sri Lanka

International Finance Magazine today announced the Financial Awards 2013 for Sri Lanka. After Australia and Germany, International Finance Magazine has now announced the financial award winners in Sri Lanka. The recipients have been chosen after a rigorous selection process by the internal team as well as key inputs from an external agency. International Finance Magazine honors the achievers in the banking industry who have excelled...

International Finance Magazine today announced the Financial Awards 2013 for Sri Lanka.

After Australia and Germany, International Finance Magazine has now announced the financial award winners in Sri Lanka. The recipients have been chosen after a rigorous selection process by the internal team as well as key inputs from an external agency. International Finance Magazine honors the achievers in the banking industry who have excelled in their areas of expertise and made contributions through activities of note. Apart from financial performances the award also gives cognizance on the contributions made in corporate social responsibility which include charitable activities, better corporate governance and other achievements that impact the global finance community. The winners will be honored in the vibrant and mesmerizing city of Dubai, in December, later this year.

  1. National Development Bank PLC

Category: Best Commercial Bank

NDB has a mission of maximizing shareholder value and contributing to the development of the country by exploiting regional opportunities through continuous innovation. It provides most of the commercial banking services in Sri Lanka. Their recent CSR projects include the trust fund established for cancer patients, trust for the prevention of child abuse, caring for our environment etc.

Commenting upon winning the award, Mr. Russel De Mel said “NDB is indeed honoured to be recognised with the award for Best Commercial Bank in Sri Lanka from the International Finance Magazine, UK. This is the first time the bank has been awarded by the International Finance Magazine and the award justly recognises the great strides we have made as a rapidly growing banking conglomerate in Sri Lanka.”

  1. National Savings Bank

Category: Best (Specialised) Savings Bank

It is the premier licensed specialized bank in Sri Lanka owned by the government. The deposits are guaranteed by the Government of Sri Lanka as expressed in the statute governing the bank. The bank was established by amalgamating 4 savings institutions one of which was Ceylon Savings Bank that commenced mobilization of savings in Sri Lanka in the year 1832. The bank has a market share of 20.2 % with 8 of every 10 Sri Lankans doing business with the bank. With its huge network it mobilizes the savings of the people enormously, it has 12 postal banking units, 06 loan centres and the network is further bolstered by 4055 post offices and sub post offices which function as mini branches that provide the facility of deposit and withdrawal.

  1. NDB Investment Bank Limited

Category: Best Investment Bank

NDB Investment Bank Limited (NDBIB) is a dominant force in the Sri Lankan financial markets offering a diverse portfolio of financial products and services, with particular focus on Debt & Equity structuring and placement. NDBIB is a fully owned subsidiary of NDB Capital Holdings PLC which in turn is a 99.6% held subsidiary of National Development Bank PLC.

NDBIB’s solid working relationships with all stakeholders in the financial industry including institutional/individual investors, all major commercial banks, blue chip corporates and statutory and regulatory bodies, enable the delivery of seamless financial solutions which surpass client expectations.

Darshan Perera, Chief Executive Officer of NDBIB, commenting on being adjudged as Best Investment Bank in Sri Lanka by International Finance Magazine, stated “We are greatly honoured and delighted to have received this award in recognition of our leadership in the capital markets of Sri Lanka. This award emboldens us to continue in our quest to achieve excellence in our sphere of operation”.

NDBIB demonstrated its dominance in the local investment banking sphere by managing two of the three IPOs to be opened during 2012, advising on three large M&A transactions and involving in numerous valuation, restructuring and other advisory transactions. NDBIB acted as the financial advisor to NDB Capital Holdings during the divestiture of its shareholding in the insurance business to AIA Group Limited in Hong Kong, whilst Morgan Stanley advised Aviva PLC, in what was a landmark M&A transaction to take place in Sri Lanka in 2012.

The company also cemented its leadership as a debt house by raising approximately Rs. 14 billion in debt instruments notwithstanding the high interest rate regime and credit ceilings that prevailed in the country. NDBIB’s track record of providing innovative financial products and services to its valued clients was amply demonstrated during 2012, with the successful execution of numerous transactions. A case in point was the securitisation of future credit and debit card receivables carried out for a leading FMCG client of NDBIB.

NDBIB pioneered the launch of Sri Lanka’s only family fixed income indices for Government securities, co-branded with CRISIL of India, fulfilling a long-felt need for performance measurement in our debt capital markets and demonstrating the company’s foresight and commitment to capital market development.

  1. HSBC Sri Lanka

Category: Best Internet Bank

The bank has secured online services to manage investments and keep track of the cash flows. It also offers a range of tools to that boosts efficiency and gives flexibility to carryout trades or do business from anywhere in the world. The bank’s online features such as withholding tax declaration, personal banking tariff features are very much helpful to its customers.

  1. HSBC Sri Lanka

Category: Best Foreign Bank

HSBC Sri Lanka provides access to a range of international services such as international account opening, global view and transfer followed by a wide range of other services which are well managed and carefully executed. The bank has also initiated many corporate sustainability programes to address some of the dire needs of communities and people, with water being one of the main themes.

  1. Sri Lanka Insurance Corporation

Category: Best Insurance Company

The Sri Lanka Insurance Corporation is a state owned company and the largest government owned insurer in Sri Lanka with an unparalleled managed asset base of Rs 132 billion, the largest life fund in the insurance industry with 60 billion and a strong capitalization of Rs 6 billion. The company has strong financial stability and re-insurance arrangements, it has achieved many historical milestones including the largest claims of Rs 39.5 billion and a bonus declared to its life policy holders which amounted to Rs 4.2 billion.

  1. Amana Takaful PLC

Category: Best Islamic Financial Services Provider

Amana Takaful PLC engages in the life and general takaful businesses primarily in Sri Lanka and Maldives. Takaful is an Islamic insurance concept of risk management based on reciprocity and partnership. It is the fastest growing Islamic financial service provider in Sri Lanka.

  1. Russel De Mel – Awarded for Outstanding Contribution to Banking

The ageing veteran has served NDB Bank for three decades in corporate banking, he has also served as the VP- Corporate Banking Group and VP of NDB Bank’s Group Risk Management Department. An astute professional he is vastly experienced in the areas of merchant banking, infrastructure financing, corporate planning, management information and other areas. The senior banker and NDB CEO would retire on August 23, 2013 after serving the bank for nearly 33 years, he would be succeeded by  Rajendra Theagarajah subject to the approval of the director, bank supervision of the Central Bank of Sri Lanka. To honor his contributions and accomplishments in the banking sector for the past three decades, International Finance Magazine has awarded him for outstanding contribution to Sri Lankan banking for the year 2013.

Mr. De Mel added “Personally, being recognised with the award for the “Outstanding contribution to banking by an individual” is certainly an honour and a privilege especially at a very significant juncture of my life where I’m about to take my final bow from my career. Therefore, it is with humble gratitude that I accept this award. You serve an organization, not with the hope of winning accolades or being recognised individually, but to bring your inner most passions to life and serve a multitude of people with your skills and knowledge. However when your efforts are acclaimed with an accolade it bears witness to the fact that you have managed to touch upon the many domains of the business and industry; and of that I’m truly gratified.”

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