Seylan Gold Heart, a golden account
Seylan Bank the
‘Bank with a Heart’ known for its innovative financial solutions
has once again come up with a unique Gold Investment and Trading
Account aptly named ‘Ceylinco Seylan Gold Heart.’
As per its founder Chairman/Managing Director Deshamanya Dr.
Lalith Kotelawala’s vision, Seylan Bank has developed a unique
investment product which would add value to its clientele.
This account can be set up by any Sri Lankan over 18 years of
age, by opening a Gold Cash Account and a Gold Account in any
Seylan Bank Branch.
Thereafter, he/she may invest and trade in Gold. There is no
compulsion to retain physical gold. The quantum of gold
purchased by an individual less the quantum sold, would reflect
as the balance in the account.
Seylan Bank would quote the buying and selling rate on a daily
basis and also be the counterparty to buy back the gold in the
Gold Account sold by any individual maintaining such accounts.
Apart from Seylan Bank, The Finance PLC, Seylan Merchant Bank
PLC, Ceylinco Investment and Realty., Ceylinco Finance PLC,
Finance and Guarantee Company Pvt. Ltd., Ceylinco Savings Bank,
Ceylinco Leasing Company and Multi Finance Ltd. would act as
Agents for the public to buy and sell gold.
The minimum transaction amount for Gold investment and trading
would be 5 grams and in multiples of 0.10 grams thereafter,
based on the funds available in the Gold Cash Account.
The 5,10,20 and 50 gram Bars are of 99.99 fine pure 24 Karat
gold and Ten Tola bars are of 99.90 fine pure 24 Karat gold.
Customers may even withdraw physical gold from this account with
prior notice, given three days ahead, for a very nominal fee
which would depend on the type and number of Gold Bars
If an individual is inclined to purchase physical gold, gold
bars are available in denominations of 5 grams, 10 grams, 20
grams and 50 grams, Ten Tola Bars of 3.746 ounces (116.6 grams)
and in multiples of each denomination from the gold outlet
situated at Seylan Bank’s First City Office, Colombo 1.
Customers may also sell the gold in their account back to the
bank at the bank’s prevailing buying price and enjoy capital
gains, depending on the market conditions.
Historically, gold has been used by communities as a traditional
store of value and over the centuries the metal’s value had kept
increasing steadily despite new sources and modern mining
methods having increased the supply considerably.
For parents who plan for their children’s weddings in the
future, the balance available in the Gold Account would be a
great boon. The advantage is that the account holder does not
have to worry about security in holding gold. This makes safety
lockers and safes obsolete, for this purpose.
As such, as physical gold is not in one’s possession, the need
for insurance cover also does not arise. Whilst one makes a good
long term investment for one’s future, or accumulates capital
gain due to fluctuating gold prices, it is the peace of mind in
knowing that even physical gold, if needed, may be easily
withdrawn, that is comforting to a gold account holder.
Wealth Managers also, who wish to have a portfolio of
investments, would have an opportunity of investing in another
investment instrument on behalf of their clients. In this period
of high inflation and increasing costs all around, the Gold
Trading Account may give an opportunity for a real rate of
return, to the investors’ advantage.
Bank wins award for excellence in remittance business
Bank has won an award from The Asian Banker Excellence in Retail
Financial Services programme for the bank’s outstanding
performance in its remittance business in 2007. The bank
received the award at The Asian Banker Excellence in Retail
Financial Services 2007 Awards ceremony, held in conjunction
with the region’s most prestigious retail banking event, the
Excellence in Retail Financial Services Convention. The ceremony
was held at The Westin Grande Sukhumvit Hotel in Bangkok on the
evening of May 16, 2008.
About 150 senior bankers from award-winning banks in 23
countries across the Asia Pacific, the Gulf region and Central
Asia, attended the glittering event, a first class celebration
of the region’s best retail bankers that recognises their
efforts in bringing superior products and services to their
The awards programme, administered by The Asian Banker and
refereed by prominent bankers, consultants and academics from
around the world, is the most prestigious award of its kind. The
scorecard used to determine the winners and the position of the
different retails banks in the region is attached.
ICICI Bank has won the ‘Excellence in Remittance Business 2007’
award in The Asian Banker Excellence in Retail Financial
Services programme. The new product category was introduced to
the Awards programme in 2006, to recognise the bank with the
strongest proposition and most notable achievements in its
remittance business across the Asia Pacific region.
ICICI Bank’s stronghold on the market and the exemplary growth
it had enjoyed despite the onset of sharp business and market
challenges from domestic competitors, licensed and unlicensed
non-bank remitting houses and regulatory restrictions on foreign
market expansion is a significant achievement. It has maintained
exemplary growth and seen substantial increase in remittance
customers domestically and internationally.
In this year’s programme, ICICI Bank was ranked against three
other banks with strong remittance programmes, and each a
dominant player in its respective market based on market share
and growth rates. The bank has claimed over a quarter of local
market share in 2007, and has shown substantial remittance
customer increases domestically and internationally, with
attention to both affluent and non-affluent demographics.
Leveraging customer willingness to pay for convenience and speed
reliance on currency conversion revenue, ICICI Bank has
introduced a slew of timely fee-based premium products and
services in 2007. The bank’s instant online remittance fee
product has become the single largest channel in its key UK and
Canadian markets and has exceeded contributions from its biggest
branches three months after the launch. Significantly, ICICI
Bank has also opened a new instant call-in remittance service,
expanding fee and cross-selling opportunities.
Life achieves industry-first with ‘palm-top’ insurance
insurance leader Ceylinco Life this week became the first
insurance company in Sri Lanka to deploy leading edge
information and communications technology in field sales and
customer servicing, with the launch of ‘e-assist’ a PDA-based
mobile insurance sales office that will revolutionise the way
insurance sales people work.
The company will equip its sales team with sophisticated GPRS-powered
Personal Digital Assistants or PDAs with software developed by
NCS of Singapore, a leading vendor-independent IT and
communications engineering solutions provider in the Asia
Armed with these mobile phone-sized devices and miniature
portable printers that clip on to their trouser belts, Ceylinco
Life’s sales consultants will now carry their offices in their
hands and into the homes of their policy holders and prospective
clients, offering a new dimension in speed, accuracy and
This new concept of ‘palm-top insurance’ will enable them to
feed in information on a prospective customer’s earnings,
expenses and other indicators to produce a computer-aided Needs
Analysis, produce a quotation within minutes, modify it if
necessary in consultation with the customer, accept the first
premium and issue a printed receipt, all in a single visit, the
The PDAs also contain up-to-date information on all existing
policy holders, including their premium due dates, information
on proposals or claims pending, as well as any complaints that
may have been lodged, enabling Ceylinco Life sales consultants
to service customers with minimal delays, and with all the
information at hand.
The first PDA-generated quotation and receipt were formally
presented to Ceylinco Consolidated Chairman Deshamanya Dr.
Lalith Kotelawala this week, following a presentation on the
concept and benefits of ‘e-assist.’
“The deployment of PDAs in the field is a first for insurance in
Sri Lanka, and the content and functionality that we have built
in, is possibly a first for Asia,” said R. Renganathan, Chief
Executive Director of Ceylinco Life. “This is yet another
demonstration of leadership and an initiative that will enhance
the level of professionalism in life insurance sales and raise
the bar for others in the field.”
Besides assisting sales consultants with pre sales support and
customer servicing, the PDAs also aid self-organising, with a
complete product library, diary management feature and access to
MIS reports on lapsed policies, renewals and advance payments
due, and maturity dates coming up, enabling them to plan their
customer visits better. The PDAs also contain updates on
on-going sales competitions and productivity matrices that allow
sales consultants to track their own performance and
“The impact in terms of motivation and efficiency could be
tremendous,” Renganathan added. “The deployment of PDAs will
benefit policy holders, prospective customers, the sales
consultants and the company.”
The largest and most successful life insurer in Sri Lanka,
Ceylinco Life retained its position as the market leader in the
local life insurance sector in 2007, with premium income growth
of more than 19 per cent to Rs. 6.8 Billion. The company’s Life
Fund stood at Rs 16.8 Billion as at December 31, 2007.
expands its pawning operations
Seylan Bank First City Office Branch recently commenced pawning.
Picture shows Director, General Manager, Chief Executive, Seylan
Bank, Ajita Pasqual, cutting the ribbon in the presence of
Director, Senior Deputy General Manager, Region I, Leonie
Seylan Bank Boralesgamuwa branch recently commenced pawning.
Picture shows Suresh Amarasekara, Assistant General Manager
Region V, cutting the ribbon in the presence of Vidyani
Ratnayake, Manager – Boralesgamuwa branch