Pan Asia Bank, which has been expanding the horizons of the local banking industry with its innovative banking products and impressive growth record, has been recognized as the 'Fastest Growing Commercial Bank in Sri Lanka 2014' by Global Banking & Finance Review.
London based Global Banking and Finance Review annually recognizes outstanding achievements in the financial services industry. The Awards reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the Global Financial community. The awards were created to recognize companies of all sizes which are prominent in particular areas of expertise and excellence within the financial world.
In addition, Pan Asia Bank's ground breaking product 'Sammana', the specialized banking product for senior citizens has been recognized as the 'Most Innovative Banking Product in Sri Lanka - 2014'.
Speaking to the Ceylon FT, Pan Asia Bank Director/CEO Dimantha Seneviratne elaborated on why Pan Asia Bank was selected for this award from among many banks in the region.
"Pan Asia Bank, which commenced operations in 1995 has been steadily expanding its footprint in the local banking arena and currently operates with a network of 78 branches across the island. During the last few years, the bank doubled its asset portfolio, branch network and staff strength whilst tripling the gross income. Growth achieved in 2014 was significant, especially in customer Advances which was more than 25% (up to Q3) well above the industry average of around 10% during the same period. Another noteworthy achievement was that we were able to record this impressive growth while containing the nonperforming loan ratio which is now down to a healthy 5.7%. Apart from this advance growth, our balance sheet had over 20% growth. Financial performance also improved, hence we are now on a strong footing to look ahead for our next phase of growth".
Commenting on this award Seneviratne stated "This product offers a loan scheme especially designed to meet the financial needs of pensioners, filling a long-felt vacuum for a well deserving sector of senior citizens. This product also provides financial assistance to retired members of the armed forces and the Police. Another unique feature of this product is that loans can be repaid until the applicant reaches 70 years of age with a maximum loan amount of LKR 1Mn. In addition, customers are also offered loan protection cover at comparatively low premiums, and the insurance cover will provide relief to the borrower's closest family members in the event of a customer's demise prior to full settlement of the loan. They will also receive the balance amount from the original sum assured. This prestigious award underscores the positive impact it has had on the society at large since "Sammana" caters to a largely overlooked segment of the economy and enables them to continue to contribute positively towards the economic progress of the country."
Pan Asia Bank has earned a strong reputation as a bank that has consistently offered true value added products to the Sri Lankan market over the years. Some of the innovative products that have been introduced recently are "Aspire" higher education loan scheme, the "Budget Leasing" product with a residual value, "Pan Asia Bank Black Master Card" which carries a low interest rate of 19.75% p.a. with no joining fees or hidden charges, "Daskam" Children's Savings account which offers an additional 10% deposit by the bank for each and every deposit, with an enhanced interest of 8% and the "Champion Saver" Savings Account which offers a higher interest rate in the market.
In addition to winning these global accolades, Pan Asia Bank was able to record yet another important feat in 2014 when their Rs 3 billion debenture issue was oversubscribed in the opening day itself, which gave a clear indication of the investor confidence in the bank's performance and growth potential.
Elaborating further on the reasons for the bank's success he said, "I would rate the major strengths of our bank as our dedicated staff, their dynamism and team work.
Furthermore, the ability to develop innovative products as well as our ability to adjust the products to customer needs in a shorter time frame. That is where we get the support and direction from the Board of Directors.
Our ability to be flexible in order to meet the customer needs has been and always will be the greatest strength of Pan Asia Bank.
And we wish to thank our loyal customers who had been with us throughout this successful journey. Accolades of this nature certainly motivate us to strive to reach greater heights."