Lankaputhra Development Bank partners Sri Lanka Insurance for bancassurance biz

Wednesday, 13 August 2014 00:00 - - {{hitsCtrl.values.hits}}

Lankaputhra Development Bank (LDB) signed a Memorandum of Understanding (MoU) with Sri Lanka Insurance Corporation (SLIC) recently at the Sri Lanka Insurance Corporation head office with the participation of the senior management of Sri Lanka Insurance Corporation and LDB.

Under the MoU, a service window of Sri Lanka Insurance Corporation will be opened at the Lankaputhra Development Bank head office thereby to fulfil the insurance needs of the Lankaputhra Development Bank customers. When customers have to obtain loans from the bank for different needs they have to obtain various insurance covers and the service window of Sri Lanka Insurance Corporation will fulfil such the insurance needs of the customers with concessionary premium rates. Under the MoU, customers of Lankaputhra Development Bank will be able to get life, fire, ownership Title, vehicle as well as other insurance covers at very affordable premiums. As Lankaputhra Development Bank and Sri Lanka Insurance Corporation are Government owned institutions, by signing a MoU the institutions will be able to provide a more secure and reliable service to its customers. Sri Lanka Insurance Corporation commenced operations in 1962 and is largely owned by the government and functions under the ministry of Finance and planning. SLIC is a financially stable institution which provides competitive service in insurance to its customers. Lankaputhra Development Bank which commenced operations under the Mahinda Chinthana policy is a fully government owned bank. The bank services the entire island through its eight branches. The bank provides many loans to Small and medium Industrialists at concessionary rates of interest. In addition the bank offers savings schemes with very attractive rates of interest as well as leasing, pawning and an account for senior citizens with many benefits. At present the bank has branches in Colombo, Hambantota, Polonnaruwa, Kegalle, Kandy, Wennappuwa, Batticaloa and Trincomalee.

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