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Pan Asia Bank wins two Global Banking and Finance Review awards

29 January 2015 04:06 am - 0     - {{hitsCtrl.values.hits}}

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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 and Finance Review.

 

PanAsia Bank has been recognised as 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 Most Innovative Banking Product in Sri Lanka - 2014.
London-based Global Banking and Finance Review annually recognizes outstanding achievements in the financial services industry. The awards reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the global financial community. The awards were created to recognize companies of all sizes which are prominent in particular areas of expertise and excellence within the financial world.


Pan Asia Bank Director/CEO Dimantha Seneviratne in an interview made the following comments:

In your opinion what factors contributed to Pan Asia Bank being named as Fastest Growing Commercial Bank in Sri Lanka 2014?
Pan Asia Bank, which commenced operations in 1995, has been steadily expanding its footprint in the local banking arena and currently operates with a network of 78 branches across the island. During the last few years, the bank doubled its asset portfolio, branch network and staff strength whilst tripling the gross income. Growth achieved in 2014 was significant especially in customer advances, which was more than 20 percent (up to 3Q) well above the industry average of around 5 percent during the same period.

How did Pan Asia Bank manage to maintain a robust growth momentum despite macroeconomic challenges that prevailed during 2014?
In a year in which low demand for credit hampered the industry growth, Pan Asia Bank re-strategised and leveraged on its strengths to diversify its lending into the small and midmarket segment whilst growing our personal banking products. The bank also adopted sound risk management strategies, especially with regard to managing the credit risk stemming from the pawning portfolio and other retailbased products in an active risk management process. The growth achieved was whilst retaining the best credit quality as demonstrated by declining non-performing loans (NPLs).


What are the criteria that are considered in the selection process of this award?
Global Banking and Finance Review annually recognizes 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 in each country along with financial progress have been taken into consideration.


Pan Asia Bank also won the Most Innovative Banking Product in Sri Lanka 2014 award for its flagship product ‘Sammana’. Can you share more information about this achievement?
In recognition of the unique benefits offered to the customers, Global Banking and Finance Review has recognized Sammana as the most innovative banking product in Sri Lanka for 2014. This product offers a loan scheme especially designed to meet the financial needs of pensioners, filling a long-felt vacuum for a well deserving sector of senior citizens. This product also provides financial assistance to retired the 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 with a maximum loan amount of Rs.1 million. In addition, customers are also offered loan protection cover at comparatively low premiums and the insurance cover will provide relief to the borrower’s closest family members in the event of a customer’s demise prior to full settlement of the loan.

They will also receive t he 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. Pan Asia Bank Director/CEO Dimantha Seneviratne


What are the other innovative financial products introduced by Pan Asia bank in recent times?
Pan Asia Bank has 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 ‘Aspire’ higher education loan scheme, the ‘Budget Leasing’ product with a residual value, ‘Pan Asia Bank Black Master Card’, which carries a low interest rate of 19.75 percent p.a. with no joining fees or hidden charges, ‘Daskam’ children’s savings account, which offers an additional 10 percent deposit by the bank for each and every deposit, with an enhanced interest of 8 percent and the ‘Champion Saver’ savings account, which offers the highest interest rate in the market.


As the Pan Asia bank CEO, how do you feel about being recognized by a global entity in this manner?
We are truly honoured and encouraged by the recognition received for our efforts in serving the community. Being a relatively young bank, innovativeness and identifying and meeting the customer needs are at the forefront of our priorities.
We have always actively participated in the country’s 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.


What internal factors in your view have contributed to the success of Pan Asia Bank?
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 time frame.
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.
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