Sampath Bank PLC recently entered into a strategic partnership with SDB Bank whereby customers of SDB can gain access to Sampath Bank’s branch network and cash/cheque deposit kiosks. This partnership goes on to showcase how the convergence of a licenced specialized bank and a licenced commercial bank can create synergies, in line with the Central Bank of Sri Lanka and the Government’s vision of consolidation within the banking industry.
The agreement, signed at the Sampath Bank Head Office in Colombo, seeks to develop a long-term partnership between both banks and their customers with Sampath Bank playing the role of a second participant to SDB Bank for SLIPS and CEFTS Settlements as the first phase of the Cash Management Solution (CMS). As a truly progressive financial institution, Sampath Bank has always sought to form key alliances that deliver value to Sri Lankans across the island and will seek to replicate this model across several industries and verticals. This forms the backbone of the Bank’s long-term vision for its Cash Management function, whereby optimization of processes will be driven, leading to gains to its bottom line.
The key merits of this partnership are that SDB Bank customers will now have access to Sampath Bank’s branch network comprising 228 branches including 13 Super Branches, 465 cash deposit kiosks, allowing them to carry out specific banking services such as cash/cheque depositing and loan repayments, among others. SDB Bank will benefit by being able to offer its customers an entirely new portfolio of modern banking products and services, thus creating greater customer satisfaction and loyalty, while Sampath Bank will be able to reach hitherto untapped customer markets, helping businesses and individuals in those areas to grow.
Speaking about the partnership Sampath Bank Head of Deposit Mobilization Halin Hettigoda said, “The fact that they were so willing to partner with us, despite Sampath Bank being a larger operator, speaks volumes to the trust and confidence they have in us and the strength of our relationship.”
SDB Bank CEO Thilak Piyadigama said, “This extension of our long-standing relationship with Sampath Bank will offer several benefits to our customers including centralization and improved management of payments and collections together with improving returns on liquidity. We are very excited about the potential of this innovative solution which will allow us to deliver higher-value services to all customer segments while streamlining our processes for the convenience of our employees.”
Through its total cash management solutions, Sampath Bank seeks to develop tailor-made solutions that bring together the relevant elements of its cash management portfolio such as cash and cheque collection, cheque printing and distribution, investment portfolio management, business debit cards, data validation, reconciliation services, integration to customer ERPs and sweeping and pooling of funds. This is expected to help customers around the island manage their cash flow more efficiently, reduce processing costs, save time and mitigate risk, thereby allowing business owners and managers to concentrate their efforts and resources on building core competencies and growing the business.
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