NDB shares insights on markets of interest at breakfast meeting

Friday, 19 December 2014 11:49 -     - {{hitsCtrl.values.hits}}

NDB hosted a group of its corporate, retail and SME customers to a breakfast meeting last week, at the Hilton Colombo Residences, to share with them information, statistics and updates on markets of interest and current developments in the global economy. The occasion was graced by two eminent speakers from Commerzbank AG Germany, the Deputy Controller of Exchange and the Senior Assistant Controller from the Central Bank of Sri Lanka. NDB CEO Rajendra Theagarajah welcomed the invitees and outlined the commitment of the bank towards the betterment of its customers. Senior Relationship Manager Christian Von Zastrow and Commerzbank AG Germany Head – Regional Indian Subcontinent Alexander Rost made interesting and educative presentations. Zastrow dealt on the topic of Myanmar under ‘Markets of Interest’, as many Sri Lankan entities are exploring the idea of venturing out to this market as part of their overseas expansion strategies, taking advantage of the relaxed regulations by the Exchange Control Department of the Central Bank of Sri Lanka. His presentation highlighted the strengths in that market and the areas that need improvement in the near future, while sharing insights on preferred currencies, and the support and connections that Commerzbank has on ground, which NDB customers could leverage on. The presentation shared vital information for any probable investor in Myanmar. Rost took the audience through the subject of the Chinese currency Renminbi (RMB) under the title ‘Current Developments’. He outlined the history of the currency and the current trends in its growing popularity when invoicing trade related transactions. The currency’s worldwide usage statistics, status in China to encourage and accommodate this currency in international trade and the general environment within the banking sector in China to support this development were other items discussed in detail in his presentation. He too reiterated the support that Commerzbank could offer to NDB’s clientele. A panel comprising of Christian Von Zastrow, Alexander Rost, Deputy Controller of Exchange M.R.M. Abeyratna, Senior Assistant Controller Kapila Weerakoon and NDB Vice President – Treasury Niran Mahawatte, with Mahesha Amarasuriya as moderator, then took on questions from the audience in relation to the topics presented earlier. Clarifications on the status of bureaucracy in Myanmar, efficiency of its banking sector, correspondent banking arrangements, general infrastructure, availability of labour, the relaxed regulations for investment from Sri Lanka, the growth in transactions in RMB, the fluctuation in exchange rate for this currency and future expectations, and the ability to make payments were some key areas that received much attention at the forum. This segment of the morning’s program was hailed as successful and of tremendous value, receiving much appreciation from the audience for the manner and spirit in which responses were meted out by the panellists with clarity and understanding. NDB Vice President – Corporate Banking Buwaneka Perera delivered the vote of thanks, concluding the forum through which NDB made a contribution to its customers across business segments by sharing valuable insights and providing an opportunity to clarify matters of business interest.