"After the Golden Key issue broke out, Seylan Bank faced many difficult situations and the stake holders panicked as Seylan was a part of the Ceylinco Group. This crisis led to heavy withdrawals but it was mainly retail shareholders rather than corporate shareholders. Now with the new Board of Directors the Bank is stable and functioning smoothly. We have never turned down our customers at any outlet. We have kept our promises and the people can trust us as we are much stronger than ever with the highly experienced Board of Directors" said Eastman Narangoda, Chairman, Seylan Bank PLC, addressing the media announcing their new plans for the New Year.

He added that they plan to manage risks and guide the bank to overcome the current stress. The staff is very keen on keeping the stability of the bank and the immediate task is to improve the credit quality of the bank. They will focus on medium term issues especially on process improvement, identify critical risks, strengthen the vision and mission, make a new strategy plan for the Bank, plans to manage credit risk, market risk etc.

It is due to external reasons beyond the Bank’s control that there has been a certain perception and a few customers reacted by withdrawing their deposits, due to a lack of understanding of the full story. The Bank considers it pertinent to place the hard facts before the public, not to merely protect the business of the Bank but to educate the public in general with regard to the correct situation. Banks play a catalytic role in a country’s economic performance and stability.

Following the Central Bank’s decision to appoint a new Board of Directors comprising of eminent personalities and headed by its Chairman, Eastman Narangoda, Seylan Bank is confident that the Bank would be able to meet any challenge that is thrown at it. The Bank has honoured each and every withdrawal stated Narangoda and will continue to do so. The situation has now returned to normal and customers are now bringing in new deposits including some who bring the withdrawn deposits .  The new partnership with the Bank of Ceylon is a source of strength and will provide a solid support for Seylan Bank as the Bank resurges to its original status.

It is against this backdrop that Ajita Pasqual - CEO of Seylan Bank PLC wishes to place on record that "Seylan Bank is stable. The customers need not fear or panic over any uncertainty with regard to their deposits, especially considering the decision taken by the Central Bank to intervene to ensure stability and continuity of services of the Bank". He further added "we are receiving all the support from the Central Bank and the Bank of Ceylon and the rest of the banking system. Seylan Bank has been in business for a long period and will continue to serve its valued customers as an indigenous bank".

The new Management of Seylan Bank is in the process of preparing a strategic footprint, taking into account external and internal realities in order to take the Bank to its next level and give its customers the most professional banking services. The Seylan Team is ready and able to meet the challenges at hand and the Sri Lankan public will witness this first hand at every branch in the coming days.