Pan Asia Bank wins two awards from Global Banking & Finance Review
Monday, 26 January 2015 00:32
Pan Asia Bank, which has been expanding the horizons of the local banking industry with its innovative banking products and impressive growth record, has been bestowed with two awards by Global Banking & Finance Review.
Pan Asia Bank has been recognised as the ‘Fastest Growing Commercial Bank in Sri Lanka 2014’. In addition, Pan Asia Bank’s groundbreaking product ‘Sammana’, the specialised banking product for senior citizens, has been recognised as the Most Innovative Banking Product in Sri Lanka 2014.
London-based Global Banking & Finance Review annually recognises outstanding achievements in the financial services industry.
In its review and selection process, criteria such as innovativeness, strategic focus, achievements and the progressive and inspirational changes within the companies in the financial sector are taken into consideration.
Pan Asia Bank Director/CEO Dimantha Seneviratne commenting on the awards stated: We are truly honoured and encouraged by the recognition received for our efforts in serving the community.
Being a relatively a young bank, innovativeness and identifying and meeting the customer needs are at the forefront of our priorities. He further commented: We have actively participated in the countrys development drive in many ways. By ensuring our presence in all provinces, including the North and East, we have ensured that Pan Asia Bank is able to reach out to our discerning customers wherever they are. I would rate the major strengths of our bank as our dedicated staff, their dynamism and team work.
“Furthermore, the ability to develop innovative products as well as our ability to adjust the products to customer needs in a shorter timeframe. That is where we get the support and direction from the Board of Directors. Our ability to be flexible in order to meet the customer needs has been and always will be the greatest strength of Pan Asia Bank. And we wish to thank our loyal customers who had been with us throughout this successful journey. Accolades of this nature motivate us to strive to reach greater heights.”
Pan Asia Bank, which commenced operations in 1985, has been steadily expanding its footprint in the local banking arena and currently operates with a network of 78 branches across the island. The bank has recorded impressive growth since its inception and during the last few years, the bank doubled its asset portfolio and tripled its gross income.
In terms of physical expansion, the bank has doubled both its branch network and staff strength during the same period. During 2014, the banks total Advances grew by 17% (up to Q3 2014), well above the industry average of 5% (up to Q3 2014). In a year in which low demand for credit hampered industry growth, Pan Asia Bank re-strategised and leveraged on its strengths to diversify its lending into the small and mid-market segment. The bank also adopted sound risk management strategies, especially with regard to managing the credit risk stemming from the pawning portfolio.
Pan Asia Bank has also earned a strong reputation as a bank that has consistently offered true value added products to the Sri Lankan market over the years. Some of the innovative products that have been introduced recently are ‘Sammana’ loan scheme for pensioners, ‘Aspire’ higher education loan scheme, ‘Pan Asia Bank Black Master Card’ which carries a low interest rate of 19.75% p.a. with no joining fees or hidden charges, ‘Daskam’ Children’s Savings account which offers an additional 10% deposit by the bank for each and every deposit, with an enhanced interest of 8% and the ‘Champion Saver’ Savings Account which offers the highest interest in the market.
In recognition of the unique benefits offered to the customers, Global Banking & Finance Review has recognized ‘Sammana’ as the most innovative banking product in Sri Lanka for 2014. This product offers a loan scheme specially designed to meet the specific needs of pensioners, filling a vacuum for a product designed to suit the needs of a well-deserving sector of senior citizens.
This product also provides financial assistance to retired members of the armed forces and the Police. Another unique feature of this product is that loans can be repaid until the applicant reaches 70 years of age.
In addition, customers are also offered loan protection cover at comparatively low premiums and the insurance cover will provide relief to the borrowers closest family members in the event of a customer’s demise prior to full settlement of the loan.
They will also receive the balance amount from the original sum assured. This prestigious award underscores the positive impact it has had on the society at large since ‘Sammana’ caters to a largely overlooked segment of the economy and enables them to continue to contribute positively towards the economic progress of the country.