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Sunday, 17 January 2010

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MBSL regains investor confidence

The Merchant Bank of Sri Lanka PLC (MBSL) restored investor confidence and regained lost business in all acquired and managed entities, said Chairman, MBSL, Janaka Ratnayake.

Janaka Ratnayake

He said despite a critical year the institutions under the purview of the MBSL Group recorded steady progress and had revenue in excess last year.

“The restructure plan and targets for each organisation helped achieve a remarkable progress. The global financial crisis and the last phase of the war were challenges encountered by organisations”, he said.

“MBSL Insurance targets Rs. one billion profits this year while MBSL Savings Bank currently has Rs. 300 million in excess”, the Chairman said.

Finance, Asian Finance, Finance and Guarantee renamed as Island Finance and Ceylinco Investment and Reality (Pvt) are managed by MBSL while MBSL Savings Bank previously known as Ceylinco Savings Bank and MBSL Insurance Company are acquired entities of the Merchant Bank.

Ratnayake said depositors panicked because there was uncertainty of keeping trust with these institutions as they were not properly managed.“The turnover of MBSL Savings Bank and MBSL Insurance increased last year and expects higher profits this year. They were the first among companies under MBSL Group to make profits and be rewarded last year”, he said.

“The number of employees were reduced and measures to streamline organisations were introduced which were profitable”, Ratnayake said.

Despotors have once again placed their trust on the institutions managed by MBSL and have resumed business. Once political stability is restored in the country businesses will thrive and sectoral performance will increase”, Ratnayake said.

The MBSL Group reached the budget revenue for 2009 with Merchant Credit, a subsidiary of Bank of Ceylon recording a 15 per cent rise in profits.

The MBSL has explored opportunities for branch expansion in the North and the East following the complete liberation last year. Branches will be set up in Trincomalee, Jaffna and Batticaloa in the next two months.

 

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