Ceylon Ft, interviewed Nalaka Wijayawardana, DGM Marketing and Personal Banking of Pan Asia Bank, to understand the company’s role in the banking sector and it new Avurudu promotions for customers.
What is Pan Asia Bank’s vision and mission?
Our vision is to become the most customer preferred commercial bank in Sri Lanka. We also want to create the largest satisfied customer base by providing professional, personalized, secure, quality banking and financial services, using modern technology & innovative products.
Tell us about Pan Asia Bank
We are a Mid-sized, 23 year old bank with 85 branches covering all of the provinces in Sri Lanka. We strive to be the best bank in terms of understanding what the customers truly need and want and offer solutions to meet those instead of offering standard vanilla products. This strategy has enabled us to grow rapidly especially in the last 10 years. We also have a strong presence in the digital space with tools such as a cutting edge internet banking platform that provides unparalleled convenience to our customers.
All these factors have brought us tremendous growth, customer loyalty and also several local and global accolades in the past couple of years in recognition of our achievements in product innovation, business excellence, rapid growth and staff development.
Who is your target market?
We cater to entire Sri Lankan society since being a small country we cannot afford to focus only on one segment. However, for retail banking solutions, our main target has been upwardly mobile middle and upper middle class population.
Also We have been focusing on SME sector and corporate clients.
What is your competitive advantage, in comparison to other banks in Sri Lanka?
We are different because of our ability to understand customer requirements better and offer we offer innovative financial products to fulfill them. To-date there are some innovative products that we have introduced to In this country which have still not been matched by other competitors in Sri Lanka.
Another facet that gives us a competitive edge is our service quality. Whether it is a private bank or a state bank, these days customers want their banking requirements fulfilled fast. Our staff have been trained to give lot of prominence and attention to this aspect and that is why you will rarely see long line-ups at our branches.
How has Pan Asia bank performed over the last year?
Pan Asia Bank recorded Rs.1.88 Bn before tax profit in 2017. Also last year our deposit base and loan book exceeded Rs. 100 billion mark. The Bank also raised Rs.2.06 billion in March 2017 via a rights issue demonstrating the investor confidence in our growth plans. These will be utilized to strengthen our capital base to both meet the regulatory capital as well as to fund the future asset growth.
Tell us what Pan Asia bank has to offer its customers in this Avurudu season?
We are providing an attractive gift scheme to encourage both savings and fixed deposits. offers for fixed deposits and savings deposits which is valid till the 30th of April 2018. What is important to consider is that we never reduce our interest rates during these promotions which makes it a true value addition to our customers.
For fixed deposits over Rs. 1 million and with a maturity period of 1 year, customers will receive a valuable microwave as a present from our bank.
Further, Customers, who deposit Rs. 500,000, in a 6 month fixed deposit, and customers who deposit 250,000, in a 1 year fixed deposit are offered a valuable blender.
Customers who make a deposit of 50,000/- or more to a savings account and maintains that balance for 12 months will be gifted with a valuable travelling bag. These offers are valid for children’s savings accounts as well.
Our branches are also open on the 14th of April from 1.p.m to 4:00 p.m for Avurudu transactions or ‘Avurudu Ganudenu’. Customers are also offered special gifts for western union money transactions during the festive season.