Seylan Bank

Seylan Bank PLC
Public
Traded as CSE: SEYB.N0000
Industry Finance
Founded 1987 [1]
Headquarters Colombo, Sri Lanka
Area served
 Sri Lanka
Products Banking, financial and related services
Website www.seylan.lk

Seylan Bank PLC is a publicly owned Commercial Bank in Sri Lanka. It has branches both in urban as well as rural areas of Sri Lanka. Seylan bank had 158 banking centres island wide with 3000 staff members in 2015.

Seylan Bank was incorporated on 28 August 1987 as a Public Limited Liability Company and founder chairman was Dr Lalith Kothalawala . It established its first subsidiary, Seylan Merchant Bank Limited, in 1992. A second subsidiary, Ceylinco Seylan Developme Hrfbhnts Limited was also established in 1992, primarily for the purpose of constructing the Bank's head office building, Ceylinco Seylan Towers.

Crisis

The collapse of the Golden Key Credit Card Company which was a subsidiary of the Ceylinco consolidated and the mismanagement of funds by the Former Chairman in 2008, resulted in a liquidity crisis in the last weeks of 2008. This prompted the monetary board of the Central Bank of Sri Lanka to bring Seylan Bank under the control of state owned Bank of Ceylon (BOC) on the 28 December 2008. This took place under Section 30(1) of the Monetary Law Act No.58 of 1949.[2]

Seylan Bank's troubles started when the Golden Key Credit Card Company, an unregulated firm of the Ceylinco group was unable to repay its customers due to financial instability.[2]

2010

In May 2010, the bank's profits were up 32.3% when compared to the previous year.[3]

References

  1. ↑ .. :: Seylan Bank :: ..:
  2. 1 2 CB bails out Seylan Daily News, 2008-12-30
  3. ↑ http://www.adaderana.lk/news.php?nid=8169


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